- Australian Potash’s (APC) share price has spiked on the back of “compelling” nickel-sulphide targets at its Laverton Downs project in Western Australia
- Electromagnetic surveying identified six conductive plates interpreted to indicate significant sulphides, with three priority targets lined up for further testing
- Australian Potash’s Managing Director said the strength of the finds suggests the explorer may go directly to a drill programme
- Exploration activities also included the resample of 450 legacy drill holes which are hoped to extend the geochemical model over the project area
- Australian Potash is up a solid 31.3 per cent following the announcement, trading at 21 cents per share
Australian Potash’s (APC) share price has spiked on the back of “compelling” nickel-sulphide targets at its Laverton Downs project in Western Australia.
The explorer completed a limited programme of Versatile Time Domain Electromagnetic to test for potential nickel sulphide mineralisation within promising rocks identified at the project.
The surveying returned six conductive plates interpreted to indicate significant sulphide, with APC’s geochemical analysis said to support the potential for these plates to represent nickel sulphides.
Australian Potash described electromagnetic geophysics as an “excellent discovery tool” for deposits of this nature and has also located and resampled 450 legacy drill holes set to extend the geochemical model over the project area.
Results and analysis from this sampling programme are still to come.
In terms of next steps, the company has identified three priority target areas with plans for drill testing in progress.
Australian Potash Managing Director and Chief Executive Officer Matt Shackleton said the strength of the targets identified from the technology was encouraging.
“The strength of the EM response at these compelling conductor targets suggests we go directly to a drill program targeting massive nickel sulphide mineralisation,” he commented.
“With both gold and nickel sulphide targets, APC’s exploration team are planning a first pass drill program to create further value in this strategically located asset,” he concluded.
Australian Potash is up a solid 31.3 per cent following the announcement, trading at 21 cents per share at 10:32 am AEST.