Widgie Nickel Limited has confirmed high-grade, thick massive nickel sulphides and disseminated sulphides from the first exploration drill hole at its Gillet North exploration target in WA.
The company’s share price (ASX:WIN) was up 38 per cent today and is up more than 41 per cent year-to-date.
Gillett North is within Widgie’s broader Mt Edwards project, 75 kilometres south of Kalgoorlie, which also contains the Widgie South, North, and West prospects and deposits.
Significant intersections from the hole include 12 metres at 3.4 per cent nickel from 200 metres, including 5 metres at 4.84 per cent nickel from 206 metres; and 2 metres at 1.26 per cent nickel from 277 metres.
A third result comprised 18 metres at 4.69 per cent from 246 metres, including 4 metres at 6.35 per cent nickel from 246 metres and 5 metres at 5.99 per cent nickel from 259 metres.
Widgie managing director Steve Norregaard said the result, put simply, was outstanding.
Norregaard said: “The discovery of thick, high-grade mineralisation at Gillet North is extremely exciting for Widgie.
“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.
“While 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 drilling confirms resource growth potential for Gillett along strike to the northwest, and drilling is planned for a potential massive sulphide body identified in downhole electromagnetic surveys.
Mineralisation from the Gillett and Gillett North targets cover a strike extent of 1,150 metres and remains open along strike and down dip.
Widgie South currently comprises 70,800 tonnes Nickel across three deposits within proximity of each other, as part of the overall Mt Edwards resource base of 168,150 nickel tonnes at a one per cent nickel cut-off.