- Aston Minerals (ASO) announces a strong nickel hit from drilling at the Boomerang target of its Edleston project in Ontario, Canada
- The junior explorer struck a 163.5-metre intersection grading 0.52 per cent nickel and 0.016 per cent cobalt from 186.5 metres deep
- Managing Director Dale Ginn says the hit exceeds company expectations in terms of both the grade and the extent of mineralisation
- Aston Chairman Tolga Kumova says the company is “uniquely positioned” to capitalise on rising nickel demand
- ASO shares up 14.3 per cent to 12 cents
Aston Minerals (ASO) shares rose after the company announced a strong nickel hit from diamond drilling within the Boomerang nickel-cobalt target at its Edleston project in Ontario, Canada.
The stand-out intersection from the Bardwell prospect portion of Boomerang came in at 163.5 metres grading 0.52 per cent nickel and 0.016 per cent cobalt from 186.5 metres deep.
Aston Managing Director Dale Ginn said the result exceeded company expectations in terms of both the grade and the extent of mineralisation.
The company said the drilling undertaken to date at Boomerang pointed to a comparable scale and tenor of mineralisation to operations such as Mt Keith.
“To have such broad zones of mineralisation at comparable grades to that of Mt Keith (BHP’s nickel mine in Western Australia) so early on in our nickel exploration program provides us with a huge degree of confidence in the potential of the system,” Mr Ginn said.
“We have commenced a resource definition drilling program, aiming to systematically expand along approximately one kilometre of strike and to the depth of the presently identified area of mineralisation at Bardwell.
“Exploration drilling also continues along an additional 5.5 kilometres of length on the Boomerang nickel target.”
Aston said it had so far drilled 13 diamond holes for a total of just shy of 6,000 metres across three sections of the Boomerang target so far. Nickel sulphide mineralisation has been identified in all three sections, according to the company.
Executive Chairman Tolga Kumova said the company was “uniquely positioned” to capitalise on rising demand for nickel, with prices reaching multi-year highs in recent times.
“Edleston is located on the doorstep of the Sudbury complex, host to an extensive history of nickel production and smelting,” Mr Kumova said.
“In addition, the mining centres of Timmins and Kirkland Lake have a highly skilled mining workforce and associated services.
“Our aim is to define a substantial resource base and conduct associated metallurgical and engineering studies this year to be able to quantify the economic potential of this project.”
The Edleston project lies about 60 kilometres south of Timmins in Ontario, within Canada’s Abitibi Greenstone Belt.
ASO shares were trading 14.3 per cent higher at 12 cents at 2:04 pm AEDT.