- Widgie Nickel (WIN) confirms lithium-bearing pegmatites at the Faraday prospect within its Mt Edwards project in WA
- The company has received drill results for 10 out of 18 recently completed holes, with assays peaking at 1.76 per cent lithium oxide over two metres
- The “high-grade” lithium pegmatites extend beneath a 600-metre surface outcrop of up to 25 metres wide, with the majority of this remaining untested
- Widgie Nickel will start diamond drilling next week to provide drill core for testwork, and a follow-up reverse circulation program is due to begin in the new year
- WIN shares fell 18.6 per cent to trade at 42 cents at 1:49 pm AEDT
Shares in Widgie Nickel (WIN) have tumbled on the ASX after the company released initial assay results from drilling at the Faraday prospect within its Mt Edwards project in WA.
The company confirmed the presence of shallow, “high-grade” lithium-bearing pegmatites at the prospect, with assay results having been received for 10 out of 18 drill holes completed as part of a recent reverse circulation (RC) drilling program.
Assays peaked at 1.76 per cent lithium oxide over two metres within a broader interval of 18 metres at 0.72 per cent lithium oxide from 12 metres.
The drilling was conducted over 175 metres of strike and identified lithium-bearing pegmatites extending beneath a 600-metre surface outcrop of up to 25 metres wide.
Other highlighted results include 10 metres at 0.9 per cent lithium oxide from 22 metres, including three metres at 1.49 per cent lithium oxide from 29 metres.
Managing Director Steve Norregaard said the results so far had shown the “outstanding lithium potential” of the Mt Edwards project.
“Faraday is very much on track to develop into the second major critical mineral within our tenement package and these strong maiden results are an early Christmas present to all Widgie shareholders,” Mr Norregaard said.
The company plans to begin another RC drilling program in January to test down-dip potential and strike extensions. It will also start diamond drilling next week to twin mineralised RC intercepts to provide drill core for metallurgical testwork.
Despite Widgie’s confidence, however, the market seems to have reacted poorly to today’s news.
WIN shares fell 18.6 per cent to trade at 42 cents at 1:49 pm AEDT.