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Neometals (ASX:NMT) - Managing Director & CEO, Chris Reed
Managing Director & CEO, Chris Reed
Source: Business News
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  • Minerals explorer Neometals (NMT) has substantially increased the mineral resource estimate at the Gillett deposit, which is part of the Mt Edwards project in WA
  • Using a combination of historical and new assay data the company has announced an inferred resource 30 per cent higher than previous estimates
  • Further drilling programs will be used to define the mineralised zone and infill the assay data in the hope of upgrading the resource to measured or indicated status
  • Neometals will also continue to extend and upgrade resources across the greater Mt Edwards area
  • Neometals closed three per cent higher on Tuesday at a price of 17 cents per share

Minerals explorer Neometals (NMT) has substantially increased the mineral resource estimate at the Gillett deposit, part of the Mt Edwards project in WA.

Gillett extension

Using a combination of historical and new assay data — including reverse circulation (RC) drilling from last year — the company has announced a new inferred resource at Gillett 30 per cent higher than previous estimates.

The Gillett resource now stands at 22,500 tonnes of contained nickel, up from 17,050 tonnes.

The RC drilling helped extend the known mineralised footprint and better understand the deposit’s underlying geology.

Further drilling programs will be used to define the mineralised zone and infill the assay data in the hope of upgrading the resource to measured or indicated status.

The program would also be used in metallurgical studies for ongoing mine planning.

Further work

Neometals will continue to explore and expand the resources at Mt Edwards across the 300 square kilometres of its Widgiemooltha Dome tenements.

With the Gillett increase, global resources at Mt Edwards now stand at 141,000 tonnes of contained nickel across 11 deposits.

More drilling and electromagnetic surveying will be conducted across Gillett and Mt Edwards generally to further define mineralised zones and hopefully secure further resource extensions and upgrades.

While the area is still very much a work in progress, it’s beginning to show some substantial promise.

Neometals closed three per cent higher on Tuesday at a price of 17 cents per share.

NMT by the numbers
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