Join our daily newsletter At The Bell to receive exclusive market insights
- Auroch Minerals (AOU) has received the first batch of assays from its maiden drilling program at the Nepean Nickel Project in Western Australia
- Highlights from the first batch include a three-metre section at 3.7 per cent nickel and 0.33 per cent copper, which included a higher-grade two-metre intercept at 5.09 per cent nickel and 0.47 per cent copper
- The company believes the initial assays outline “an extension to the existing shallow high-grade nickel sulphide mineralisation”
- These initial assays have already extended the site’s mineralisation strike by over 200 metres
- Auroch Minerals is down 8.2 per cent and is trading at 28 cents per share
Auroch Minerals (AOU) has received the first batch of assays from its maiden drilling program at the Nepean Nickel Project in Western Australia.
Auroch holds the property in a joint venture with Goldfellas, with ownership split 80 per cent to 20 per cent, respectively.
Highlights from the first batch include three metres at 3.7 per cent nickel and 0.33 per cent copper from 91 metres deep, which included a higher-grade two-metre intercept at 5.09 per cent nickel and 0.47 per cent copper.
Other results include one metre at 5.57 per cent nickel and 0.47 per cent copper from 60 metres down, two metres at 3.02 per cent nickel and 0.30 per cent copper from 55 metres down, and three metres at 1.35 per cent nickel and 0.10 per cent copper from 40 metres.
In a promising turn, the company believes the initial assays outline “an extension to the existing shallow high-grade nickel sulphide mineralisation” and have already extended the site’s shallow nickel sulphide mineralisation over 200 metres of strike.
Managing Director Aidan Platel said he was “thrilled” with the project’s first results.
“We now have this very shallow, very high-grade nickel sulphide mineralisation continuous for at least 500 metres of strike, which in itself presents a strong case for a potential shallow open-pit scenario that we may be able to fast-track to cash flow,” he added.
The company is expecting the next batch of assays to arrive within the next two weeks.
Auroch Minerals is down 8.2 per cent and is trading at 28 cents per share at 11:12 am AEDT.
