Golden Mile Resources (ASX: G88) has uncovered further nickel mineralisation at its Quicksilver project, including wide intersections at shallow depths.
Only earlier this week, Golden Mile announced the nickel and cobalt discovery at Quicksilver which is in Western Australia’s south west mineral field.
According to Golden Mile, the Quicksilver project is also prospective for scandium and encompasses 15km of mineralisation.
Assays have come back from drill holes adjacent to the earlier discovery that show wide mineralisation containing both nickel and cobalt.
Better intercepts included 44m grading 1.24% nickel and 0.08% cobalt from a 24m depth; 56m grading 0.77% nickel and 0.05% cobalt from 20m, and 28m grading 1.10% nickel and 0.04% cobalt from 52m.
Golden Mile claims results received to-date indicate the mineralisation has a 400m lateral width over 1.5km of strike.
At this stage, the mineralisation also remains open along strike and at depth.
The drilling campaign at Quicksilver included 64 holes, with better assays reported earlier in the week comprising 13m grading 2% nickel and 0.10% cobalt, 10m grading 1.09% nickel and 0.05% cobalt, and 7m grading 0.20% cobalt and 0.55% nickel.
Shares in Golden Mile shot up more than 45% in today’s trade, on the news. Since 31 October, the company’s stock has surged 192% from A$0.13 to sit at A$0.38 in early afternoon trade today.
Last week Small Caps reported a nickel resurgence was likely and it was just a matter of when and how soon this would occur.
With Golden Mile’s sky-rocketing share price, it definitely appears the nickel revival is imminent.
Although coming off highs from earlier in the week, another nickel focussed explorer Poseidon Nickel’s stock price is 96% higher than its late October low of A$0.026, up from yesterday’s closing price of $0.051.
The burgeoning electric vehicle, consumer electronics and sustainable energy markets are behind this renaissance because of the lithium-ion battery that powers these applications.
What was largely ignored until recently was battery’s nickel content.