NickelX to start maiden drilling at Cosmos South
尽管被主要的镍矿包围，但Cosmos South过去的探索量有限。
NickelX (ASX: NKL) is set to commence a maiden diamond drilling program at the newly-acquired Cosmos South project within Western Australia’s prolific Wiluna Greenstone Belt.
The 1,500 metre program will comprise up to six holes focusing on fixed loop electromagnetic (FLEM) and moving loop electromagnetic (MLEM) conductors at the project’s CS1 target.
The conductors are coincident with strong magnetic anomalies identified from a recent close-spaced high-resolution survey, on strike and within the same ultramafic units belonging to world-class deposits at Cosmos (owned by IGO, ASX: IGO) and Leinster (BHP, ASX: BHP).
Drilling is expected to help identify buried channelised komatiite volcanic rocks prospective for nickel sulphide mineralisation.
DDH1 Drilling has been contracted complete the work with support teams organised for limited vegetation clearing and establishment of drill pads and logistics.
The drilling program is being co-funded by a $180,000 grant under the WA Government’s exploration incentive scheme.
Project acquisition
The Cosmos South project was acquired in March after NickelX notified private vendor MG Resources Pty Ltd that it would proceed with a binding term sheet signed last November.
The company has committed to spending $500,000 on exploration over 24 months and issuing MG with $300,000 worth of new NickelX shares over two tranches.
Despite being surrounded by major nickel miners, Cosmos South has been subject to very limited past exploration.
It is believed to be one of the few independently-owned projects on the Wiluna belt.
Compelling target
Cosmos South ranked highly on NickelX’s project target list and is reported to represent a “very compelling nickel target” demonstrated by geological interpretation, strong magnetics and very strong and large bedrock conductors.
The majority of ground at the project is covered by alluvium draining into Lake Miranda, which is a 100 square kilometre-sized lake (when full) located near Leinster.
Nickel-copper exploration
NickelX is a nickel-copper exploration company targeting sulphide deposits initially in the Albany Fraser Orogen (AFO).
It is also aiming to generate additional projects in the eastern goldfields and South West Yilgarn, also located in WA.
The company owns 100% interest in six granted exploration licences at the Biranup project in the AFO, including numerous high-priority targets at Fire Dragon, Silver Dragon, Black Dragon and Red Dragon.