Golden Mile Resources (ASX: G88) has discovered more shallow nickel and cobalt from drilling at its Quicksilver nickel-cobalt-scandium project in Western Australia’s south west mineral field.
Better results from the program were 24m grading 1.27% nickel and 0.05% cobalt, which included an 8m interval grading 2.16% nickel and 0.08% cobalt, as well as a 24n intersection grading 0.72% nickel and 0.03% cobalt, with a near surface interval grading 1.01% nickel and 0.03% cobalt.
Another thick intercept of 56m grading 0.53% nickel and 0.04% cobalt was reported from a 20m depth.
These latest results have extended the known strike at Quicksilver to 3km. Additionally, modelling work has indicated a higher-grade nickel mineralisation zone is present.
To-date, 66 holes have been drilled with assays at the end of several drill holes returning nickel grading above 0.4%.
According to Golden Mile, this may suggest the mineralisation extends into fresh rock.
In late November, Golden Mile appointed geophysical consultant NEWEXCO to assist in developing Quicksilver. The NEWEXCO team is responsible for discovery several Western Australian nickel deposits including Independence Group’s recently commissioned Nova nickel-copper mine and Western Areas’ Flying Fox and Spotted Quoll mines.
Admitted to the ASX only six months ago, Golden Mile has reported multiple drill results containing up to 2% nickel and 0.20% cobalt across the project which is also prospective for scandium.
Further work at Quicksilver will include developing a resource estimate and geophysical exploration in conjunction with NEWEXCO to test the mineralisation along strike and at depth.
Golden Mile wholly-owns Quicksilver and its five other WA-based projects which are prospective for nickel, cobalt and gold including the Gidgee polymetallic project which is prospective for the three metals plus copper, zinc and iron ore.
In only two months, Golden Mile’s share price has rocketed more than 390% from A$0.15 in early October.
However, in today’s trade, the stock experienced a rollercoaster ride. At the time of writing, after a spiking almost 8% to hit A$0.84 in early morning trade, the price began plunging to hover at A$0.66 just before 1pm – a 21% fall on the morning’s peak.