Nimy Resources: Semi massive sulphides within a 438m nickel - copper zone; Mons Nickel Project, WA

13 April 2022

Mons Nickel Project, WA

-          The second diamond drill hole at the Godley prospect within the Mons project (NRRD002) has intersected a 438m thick zone of ultramafic and mafic rocks containing nickel and copper sulphides

-          Nickel sulphides (pentlandite) chalcopyrite, pyrrhotite and pyrite were observed in the logged core; the nickel sulphides were recorded as replacement, disseminated, blebby and semi massive

-          Nickel and copper mineralisation confirmed using pXRF; native copper was also observed

-          The first hole (NRDD001) at Godley intersected nickel sulphides and nickel and copper mineralisation using pXRF over a 275m zone

-          Assays are pending on both holes

-          In light of these highly promising results, down-hole electro-magnetic surveys have been prioritised

-          Lithological and structural interpretation underway

Nimy Chairman, Simon Lill, said:

“This is a highly promising start to our drilling campaign at Mons. We have now intersected  nickel sulphides with nickel and copper mineralisation over substantial widths in two holes.

These results provide strong evidence that Godley hosts a large mineralised system with potential for high-grade zones.

We will now prioritise down-hole EM to help us with drill targeting at Godley while at the same time drilling is underway at the Dease target 7km to the north, where we recently discovered a nickel-bearing gossan at surface”.

Nimy Resources (ASX:NIM) is pleased to announce that the second diamond drill hole at the Godley target within its Mons Nickel Project in WA has intersected semi-massive sulphides with nickel and copper mineralisation.

The mineralistion was identified using pXRF over a 438m intersection. The first hole at Godley intersected mineralised nickel and copper sulphides over a 275m zone (see ASX release dated March 17, 2022).

The two diamond holes represent the first deep drilling at Mons Project (1761km²). The previous campaign (October 2020) of Reverse Circulation drilling drilled to a maximum depth of 220m.

Both holes intersected intervals of nickel sulphide (pentlandite), copper sulphide (chalcopyrite) along with pyrite and pyrrhotite. Hole NRDD002 also intersected native copper at 51.67m (Figure 1). The primary objectives of obtaining lithological, structural, depth (basal contact) and mineralisation information have been met.

Hole 1 (NRDD001 – depth 413.85m) intersected visible sulphide intervals predominately disseminated pentlandite.

Hole 2 (NRDD002 – depth 516.8m) collared on the same pad at azimuth 330⁰ dip 70⁰ intersected visible sulphide intervals the highlight being a semi -massive sulphide (pentlandite and chalcopyrite) zone (Figure 2) from 315.57 -317.08m downhole. Figure 3 to Figure 5 show sulphide intervals. Figure 6 shows the holes in cross-section.

Moving Loop EM (MLEM) and Downhole EM (DEM) are being conducted over the Godley target.

Figure 1 – Diamond Hole -NRDD002 - Native copper – 51.67m

Figure 2 – Diamond Hole NRDD002  (Dry and wet) - Semi massive sulphide (pentlandite (5%) and chalcopyrite (5%)) from 315.57m to 317.08m

Figure 3 -  Diamond Hole NRDD002 (Dry and wet) – Tray #91 - Disseminated sulphide (pentlandite 2%) from 323.3m to 327.4m

Figure 4 -  Diamond Hole NRDD002 (Dry and wet) – Tray #92 - Disseminated sulphide (pentlandite 2%) from 323.3m to 327.4m

Figure 5 – Diamond Hole NRDD001 (Dry and wet) – Disseminated sulphide (pentlandite 1%) from 242m -243m

Work Management Process

Nimy Resources engaged Petricore Solutions (Kalgoorlie) to complete core logging, photography and sample preparation of the initial two diamond holes from the Godley target. Magnetic susceptability and specific gravity measurements were also taken for both holes by Petricore.

Samples for geochemical assay (NRDD001 335 samples, NRDD002 610 samples) have been despatched from Kalgoorlie to the Bureau Veritas laboratory in Perth.

Nimy collated pXRF readings of Ni, Cu, S, MgO and SiO2 levels to assist in lithological logging and initial identification of mineralisation styles present.

Diamond hole NRRD001 (Previously reported - ASX announcement 17th March 2022) core logging (now complete) recorded multiple intervals of visible sulphides (Refer Table 1).

Diamond hole NRDD002 core logging (now also complete) recorded multiple intervals of visible sulphides (Refer Table 2).

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

Table 1 –Log of sulphides - NRDD001

Table 2 – Log of sulphides - NRDD002

Figure 6 – Godley Target – Visible sulphide intervals and significant Nickel intercepts 

Godley target technical details

Diamond drill hole NRDD001 commenced at 115 metres following a Reverse Circulation pre-collar, (RC hole NRRC002) and intersected a high-MgO ultramafic rock from 15m to the end of the hole at 115m. Details of the collars are shown in Table 3 and Figure 7.

Figure 7- Godley Target - Including previous RC holes and Diamond drill collar locations

The interval in hole NRRC002 assayed 100 metres at 0.15% Nickel and 21% MgO, with a maximum nickel value of 2,000ppm (0.2%) and a peak MgO value of 34%.  The interval was interpreted (through observation and geochemical characterisation) as a komatiite.  Details of the NRRC002 intersections are in Table 4 below.

Diamond drill hole NRDD001 was commissioned to test the depth, orientation and mineralisation of the komatiite flow identified in the original RC holes. The komatiite continued to 390m depth and the hole moved into a felsic underlying unit (with visual interpretation as a granite or pegmatite) which was then drilled for a further 23.85 m.

The second hole, NRDD002, was collared from the same drill location, oriented at 330 degrees azimuth, 70 dip, in the direction of the previously identified fixed loop conductive trend (Figure 8) Details of the fixed loop EM survey have been provided in Nimy’s ITAR, which accompanied the Company’s prospectus.

Drill hole NRDD002 passed through 438m of interpreted ultramafic /mafic rocks reaching basal contact at 455.7m marked by a quartz vein. Beneath the 1 metre quartz vein basement consisted of granitic gneiss and sandstone to end of hole at 516.8m.

Figure 8 - Fixed Loop EM Conductive Trends located over the Godley and Dease Targets in Zone A

Forward work plan

The Company’s immediate work plan includes the following:

-          Drilling has commenced at the Dease target (immediately North of Godley)

-          Both diamond hole samples have been despatched for assay (Kalgoorlie – Perth)

-          Additional geochemical and petrography test-work is to be completed on selected sections of the core to determine the mineralogy and mineralisation types in each of the discrete anomalous zones with higher nickel and copper grades.

-          Both holes are to be reviewed to determine the stratigraphic orientation of the ultramafic komatiite flow or flows, lithological connections of the mineralised zones and the structural orientation of the basal contact.

-          Moving Loop EM (MLEM) and Downhole EM (DEM) will be completed over the Godley target area.

-          Current and historic information will be combined and used to plan additional exploration at the Godley Target.

This updated information will continue to be used for updating the Mons exploration targeting model and pipeline of exploration targets.

Summary of significant intersections in NRRC002

Table 4 below details significant intersections in RC hole NRRC002 based on chemical assays (XRF, see Table 1).  A cut-off grade of 1000 ppm Ni (0.1%) has been applied to reflect the presence of anomalous mineralisation and in consideration of the stage of exploration. Details of the RC drilling and sampling and the pXRF measurement techniques are provided in the Table 1 declaration below. The location of the Godley target is given in Figure 9 below.

Table 4 – Hole NRRC002 – significant intersections

Figure 9 - Mons Nickel Project – Zone A Exploration Zones including the Godley 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

17/03/22 Godley diamond drilling update 

This announcement has been approved for release by the Board

Company Information

Nimy Resources Limited

Christian Price

Executive Director

[email protected]

(08) 9261 4600

Investor & Media Information

Read Corporate

Paul Armstrong

[email protected]

(08) 9388 1474

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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