Widgie Nickel Limited’s (ASX: WIN) jumped as much as 60% in early trade after it reported high-grade assay results from RC percussion hole MERC225 at the Gillett North target in Western Australia.
The assays have confirmed high–grade, thick massive nickel sulphides and disseminated sulphides across two intervals in a blind basal contact position.
“This drill result put simply is ‘outstanding’, the discovery of thick, high-grade mineralisation at Gillett North is extremely exciting for Widgie,” Managing Director, Steve Norregaard, said.
“A brownfield discovery in the middle of the Widgie South area, high-grade in nature, with ample room to grow, will enhance Widgie’s existing resource base and ultimately enhance the underlying project economics.
“Whilst it is early days, the results from this first exploration hole are a major and potentially pivotal step forward in the quest to expand the company’s nickel resource base in the Widgie South area, providing significant upside.”
The high-grade result from MERC225, enhances Widgie’s position to refine its future exploration targets within the Widgie South area. Widgie South currently comprises 70,800t Ni (Indicated and Inferred Resources) across three deposits within proximity of each other as part of the overall Mt Edwards resource base of 168,150 Ni tonnes (@1% Ni cut-off).
The Gillett to Widgie Townsite corridor covers a strike extent of approximately 1.7 km and has had little exploration completed below 150 metres with only minor historical work carried out in the Gillett North region.
The corridor is highly prospective for the discovery of additional nickel sulphide mineralisation as evidenced by the results from MERC225. Downhole electromagnetic (DHEM) surveys have now been completed on nine holes at Gillett and two holes at Gillett North.
The results are very encouraging with a strongly conductive body identified at Gillett North below and to the south-east of hole MERC226. This highly conductive body in particular is significant in that it has a conductance of ~10,000 siemens which is indicative of a potential massive sulphide body.
In addition, assays have been received for the Reverse Circulation (RC) and Diamond (DD) extensional and infill drilling programs carried out on the Gillett mineralisation. The results continue to support Widgie’s production aspirations, with a re-estimation of the Gillett Mineral Resource expected in the September 2022 quarter.
For further information please visit: https://www.widgienickel.com.au/
