Nimy Resources Limited: Gossan discovered at Dease, pXRF readings up to 0.96% nickel

-             Nickel bearing gossan discovered during geochemical sampling of newly constructed diamond drilling sump. Peak pXRF reading of 0.96% Ni.

-             Gossan exposed during sump construction as preparation for diamond drill hole NRDD006 in current campaign.

-             Sump constructed to 3m x 6m and terminated at 1.2m depth due to difficulty in digging.

-             Exposed gossan gridded and sampled (pXRF) – 17 data points showing anomalous values of nickel, copper and cobalt.

-             The gossan is located:

-                 proximal to three existing RC holes containing nickel mineralisation to 220m depth; and

-                 approximately 300m of MLEM plate discovered at Dease.

-             Geochemistry associated with previous RC drilling supports the presence of a komatiite flow.

-             A broad spaced surface geochemical sampling campaign is planned over the Dease gossan target to determine the extent of the surface geochemical anomaly

Nimy Chairman, Simon Lill, today said:

“The discovery of a mineralised nickel gossan exposed whilst executing sump construction is an unexpected validation of the Mons exploration strategy.

The Dease target consists primarily of sand plain and typically no outcropping rocks have been encountered. Work has commenced to test the extent of this near surface mineralisation.”

Summary

The sump exposed a lateritic duricrust, below the soil cover.  Within the upper part of the laterised duricrust, several millimetre scale cubic vugs were observed.  The cubic vugs are commonly the result of the oxidation/weathering of sulphide minerals as part of the laterization process.  Within the constraints of the sump, an area 2.7 m wide and 6.3 m long was exposed containing gossaneous material (Figure 1), within which a total of 17 portable XRF (pXRF) readings were taken (Table 1), returning the following results:

-                       2 readings were between 1,335 and 1,394 ppm nickel (averaging 1,364 ppm Ni and 2% MgO)

-                       7 readings ranged from 3,745 to 4,635 ppm nickel (averaging 3,975 ppm Ni and 9% MgO)

-                       6 readings ranged from 5,175 to 6,183 ppm nickel (averaging 5,466 ppm Ni and 12% MgO)

-                       2 readings ranged from 7,157 to 9,565 ppm nickel (averaging 8,376 ppm Ni and 11% MgO).

The pXRF readings taken from heavily laterised duricrust are not conclusive.  However, the anomalous nickel and elevated magnesium oxide (MgO) results continue to support the exploration model underpinning Nimy’s exploration work.

Gossanous material is often associated with underlying nickel and copper sulphide mineralisation, and Nimy’s pXRF results appear to show elevated nickel values.

An Olympus Vanta Series pXRF was used to collect the readings.

Important Note: Assay results are required to determine the exact widths and grades of any sulphide mineralisation.  When these results are available the Company will provide an update.

Figure 1 – Near surface Gossan uncovered over sump

Table 1 – Details of 17 pXRF readings taken from sump

Figure 2 – Sump grid showing sample locations note sample 38 was taken from near surface above the sump sample 39 from the float above the sump

Previous drilling activity proximal to the gossan includes four RAB holes (Image Resources 2004-2005) and three RC holes (Nimy Resources 2020).

Image Resources holes were initially designed as part of a gold exploration strategy intersecting ultramafic material. Maximum depth was 50 metres.

Assays returned elevated nickel with the best interval being within WGRB-1 which returned 4 metres @ 0.77% Ni from 8-12 metres including 1 metre @ 1.05% Ni. Details of these intercepts are provided in Table 2 and have previously been documented in the Nimy ITAR.

Figure 3 – Dease target previous drilling positions relative to the Dease gossan

Table 2 – Historic drilling results proximal to gossan /sump- Image Resources RAB (Rotary Air Blast) drilling 2004-2005 Source - publicly available via DMP and Nimy ITAR (2021)

Nimy Resources undertook a RC drill program in 2020. RC holes were designed to test the depth of mineralisation (maximum drill depth 220 metres). Hole collar and intersection details are provided in Table 3 and are reported above a cut-off of 0.1% nickel. 

Assays returned revealed large homogenous Ni intervals and increasing MgO with depth. Geochemistry supports the conclusion of the drilling having intersected a komatiite flow.

Table 3 –Drilling results proximal to gossan / sump - Nimy Resources RC (Reverse Circulation) drilling 2020. Source: Nimy Resources Prospectus Independent Technical Assessment Report, Section 3.4.1 Significant Drill Intercepts

The Dease target area is approximately 3.5km² of the 1760km² Mons Project tenement holding (Figure 4). Four diamond holes are planned at the Dease target specifically:

-          NRDD003, NRDD004, NRDD005 planned to test MLEM anomalies, MLEM refer to Nimy Resources ASX Announcement 8th of February 2022

-          NRDD006 planned to test depth to basement, lithology, mineralisation (site of gossan)

Figure 4 - Mons Nickel Project – Zone A Exploration Zones including the Dease Target

Previous Related Announcements

18/11/21: Nimy Resources Prospectus and Independent Technical Assessment Report

8/02/22: Three conductive EM plates identified at Mons Nickel Project  

This announcement has been approved for release by the Board

Company Information

Nimy Resources Limited 

Christian Price

Executive Director

Investor & Media Information

Read Corporate 

Paul Armstrong

[email protected]

[email protected]

(08) 9388 1474

(08) 9261 4600

COMPETENT PERSON’S STATEMENT

The information contained in this report that pertain to Exploration Results, is based upon information compiled by Mr Ian Glacken, a full-time employee of Snowden Optiro Limited. Mr Glacken is a Fellow of the Australasian Institute of Mining and Metallurgy and has sufficient experience in the activity which he is undertaking to qualify as a Competent Person as defined in the December 2012 edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves” (the JORC Code). Mr Glacken consents to the inclusion in the report of the matters based upon his information in the form and context in which it appears.

FORWARD LOOKING STATEMENT

This report contains forward looking statements concerning the projects owned by Nimy Resources Limited. Statements concerning mining reserves and resources may also be deemed to be forward looking statements in that they involve estimates based on specific assumptions. Forward-looking statements are not statements of historical fact and actual events and results may differ materially from those described in the forward looking statements as a result of a variety of risks, uncertainties and other factors. Forward looking statements are based on management’s beliefs, opinions and estimates as of the dates the forward looking statements are made and no obligation is assumed to update forward looking statements if these beliefs, opinions and estimates should change or to reflect other future developments.

About Nimy Resources and the Mons Nickel Project

Nimy Resources is an emerging exploration company, with the vision to responsibly discover and develop an economic nickel-sulphide project in a Tier 1 jurisdiction, Western Australia.

Nimy Resources has prioritised the development of the Mons Project, a district scale land holding consisting of 12 tenements, an area over 1,761sqkm along an 80km north/south strike.

Mons is located 140km north of Southern Cross and covers the Karroun Hill Nickel district on the northern end of the world-famous Forrestania nickel belt. Mons features a very similar geological setting to the southern end of the Forrestania belt and the Kambalda nickel belts.

The project is situated within a large scale fertile “Kambalda-Style” and “Mt Keith-Style” Komatiite sequences within the Archean Murchison Domain of the Youanmi Terrane of the Yilgarn Craton.

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