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NickelX Limited’s (NickelX or the Company) mining lease M36/580 is situated within the highly Nickel endowed Agnew-Wiluna greenstone belt. The belt hosts the world-class Nickel mining operations of the Leinster Group (Mt Keith, Yakabindie, Honeymoon Well and Cosmos) to the south of the Company’s Cosmos South Nickel Project and the significant Nickel deposits of the Cosmos Group to the north-northeast of M36/580 (Figure 1).
The Cosmos South project is covered by recent transported cover sequences associated with the Lake Miranda drainage system. Mapping of subsurface lithology is dependent on interpretation of geophysical data. Existing airborne magnetic survey data at Cosmos South was not optimal for use in targeting, having been acquired at 200 m line spacing at a height of 80 m above ground and flown on a bearing sub-parallel to strata of 160-340 degrees. The recent Drone Magnetics survey (Figure 2) was completed on 25 m spaced east-west traverses at a height of approximately 30m above ground, offering significantly better data resolution.
The magnetic data has delineated a clear north-northwest magnetic anomaly trend through the centre of the project and coincident with the conductivity plates modelled from the MLEM and FLEM surveys. Furthermore, the refined resolution of the drone survey shows there is a substantial thickening of the magnetic strata and an increase in the magnetic anomaly intensity associated with the northern part of the modelled conductivity anomalies.
Such thickening of the magnetic strata accompanied by an increase in magnetic anomaly intensity is consistent with channelised ultramafic komatiite systems where the thickened sequence of olivine cumulates in the channel environment have been serpentinised, leading to growth of substantial secondary magnetite. Such magnetic responses are considered key exploration criteria for komatiite channel associated nickel sulphide systems such as at Kambalda, Leinster and Cosmos.
The coupling of the magnetic anomaly with the strong conductivity anomalies from the MLEM and FLEM data define a clear high-priority drill target for nickel sulphide mineralisation.
The company is currently in the process of obtaining the required access agreements, permits and contractor engagement to drill test the targets identified. Four drill holes are planned (in two sets of two drill holes) to test the near-surface and down dip extension of the conductivity and magnetic features identified