Greenstone Resources Limited (ASX:GSR) continued to obtain shallow, thick and high-grade nickel-cobalt-manganese-scandium results in exploration activities at the Mt Thirsty Joint Venture (MTJV), with assays having now been received for an additional nine drill holes targeting Co-Ni-Mn-Sc-PGE mineralization.
The Mt Thirsty Co-Ni-Mn-Sc project is located 16km North-Northwest of Norseman, Western Australia (50% Greenstone Resources, 50% Conico Limited) and is supported by a network of existing infrastructure (road, rail, port and power).
The Project hosts the Mt Thirsty cobalt-nickel-manganese deposit with a current JORC Resource of 26.9Mt at 0.126% cobalt, and 0.54% nickel for which an updated Mineral Resource Estimate (MRE) and Scoping Study (Study) are currently underway.
Assays have now been received for a further nine reverse circulation (RC) pre-collars completed late last year as part of the Phase I drill campaign. During the course of the Phase I drill campaign at Mt Thirsty, three distinct zones of flat- lying horizontal mineralization were intersected across the eastern licence area, including an upper zone consisting of a weathered ultramafic peridotite rock hosting nickel-cobalt-manganese-scandium mineralization.
The Phase I drill campaign utilized a combination of both RC and diamond drilling methods which allowed holes to be extended to an average depth of ~350m below surface, significantly deeper than the historical air-core drilling methods typically utilized at Mt Thirsty in the past.
As a result of this historical air-core drilling, large areas beneath the existing resource still remain untested and may provide for future resource additions.
The Phase I drill campaign also employed a comprehensive multi-element assay suite, serving to identify the presence of scandium which had not previously been assayed for, and is not included within the existing resource estimate.
Scandium is a rare earth metal that is highly valued for its unique properties, including high strength, light weight, and resistance to corrosion. It has a wide range of applications, including aerospace, defence, hydrogen fuel cells and electronics industries. In 2021 the global scandium market size was valued at US$460.9M, however this is projected to reach US$977.3M by 2030, growing at a forecasted Compounded Annual Growth Rate (CAGR) of 8.7% between 2022 to 20305. The potential addition of scandium to the Co-Ni-Mn-Sc Mt Thirsty Project may provide a valuable by-product revenue stream.
Assays are still pending on a further eight holes modelled to potentially intercept the upper zone and two holes for lower Ni zone.
“These most recent results continue to highlight the prospectivity of the Mt Thirsty project to provide a low-cost, ethical and sustainable source of cobalt and nickel outside of the Democratic Republic of the Congo and Russia,” Managing Director and CEO, Chris Hansen, said.
“Importantly the Mt Thirsty project is uniquely positioned to support the continued decarbonization of our economy, not only containing cobalt and nickel, but also hosting manganese and scandium, allowing the Project to potentially produce a high-value pCAM product containing Co, Ni and Mn sourced from the Mt Thirsty deposit.
“We are very much entering a transformational phase for the Mt Thirsty project with both an updated Mineral Resource Estimate and Scoping Study currently underway, with the former expected to be finalized within the next one to two weeks. We look forward to keeping shareholders updated on a regular basis as we continue to unlock the true potential of the Mt Thirsty project.”
For further information please visit: https://greenstoneresources.com.au/
