MinRex could have highest grade nickel in NSW
MinRex Resources (ASX:MRR) todayrevealed it has received an encouraging preliminary desktop report on thePacific Express project from its geology consultant.
This report is part of a broaderplan to fast-track due diligence on MRR's proposed acquisition of three highlyprospective cobalt-nickel-scandium project areas in NSW and WA.
This is the first phase of the duediligence process, which MRR will factor into its decision-making to determineif it will proceed with the acquisition.
Beginning with the PacificExpress project in NSW, this preliminary desktop work has uncovered legacydrill-hole results with encouraging intercepts up to 6,300 parts per millioncobalt, 159 parts per million scandium and 1.86 per cent nickel.
Background researchhas confirmed that Pacific Express is a laterite hosted nickel-cobalt projectwith scandium credits. The project also contains a historic JORC (1996) reported Indicated Resource of 4.6Mtat 0.61 per cent nickel, 0.09 per cent cobalt, 40 grams per tonne scandium.
Intriguingly, legacy results also demonstrateextensive mineralisation across the drill-holes, based on these intercepts:0.11 per cent cobalt (0-26m); 2 metres at 145 parts per million scandium (6-8m)and 18 metres at 0.86 per cent nickel (0-18m). This aligns with findings fromgeophysical images that identified three target areas within the tenure.
Get the latest articles straight to your inboxkeep me postedData interrogation work is nowwell underway to update the historic Indicated Resource to comply with the JORC(2012) code. Correspondingly, the team's underlying strategy is to incrementally expandthe Resource through exploration activities, which could identify furthertarget areas within the tenure.
However, it is an early stage of this company's development and ifconsidering this stock for your portfolio you should take all publicinformation into account and seek professional financial advice.
Surprisingly, Pacific Express'0.61 per cent nickel grade is potentially one of the highest in NSW, comparedwith other nickel-cobalt laterite deposits - for example, 0.59 per cent for CleanTeq (ASX:CLQ), 0.24 per cent for Australian Mines (ASX:AUZ) and 0.13 per centnickel for Platina Resources (ASX:PGM). Given this, the Pacific Expressproject emphatically stands out.
Peercomparison - NSW nickel/cobalt grades
Desktop work on Pacific Expresswill now move on to the next level, while preliminary reviews on the WAprojects - Knight and Dragon - are scheduled to kick off shortly.
MRR executive director, SimonDurack, said: "The geology team has hit the ground running with the preliminarydesktop work, uncovering a plethora of encouraging findings for prospectivecobalt and scandium mineralisation that are well ahead of the board's initialexpectations."
"The board has asked the geologyteam to expedite the desktop review for the Pacific Express project,particularly work on updating the legacy resource to comply with the JORC(2012) Code. Overall, the board is delighted with the positive start to the duediligence process and looks forward to updating shareholders on progress in duecourse," added Durack.
Geophysical image of Pacific Express,highlighting three prospects
Get the latest articles straight to your inboxkeep me posted