NickelX (ASX:NKL) - Managing Director, Matt Gauci
Managing Director, Matt Gauci
Source: Matthew Gauci / LinkedIn
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • NickelX (NKL) appoints DDH1 to undertake a four-hole diamond drilling program at its Biranup Project in Western Australia
  • Drilling will be undertaken at the Black Dragon and Red Dragon gold targets with work penned to begin in the March quarter pending rig and crew availabiltiy
  • Previous rock chip sampling returned up to 626 grams of gold per tonne (g/t) while aircore drilling intersected up to 24.74g/t gold and 14.15g/t silver
  • NickelX is down 21.4 per cent on the market with shares trading at 11 cents

NickelX (NKL) shares slid after it announced the appointment of DDH1 to undertake a four-hole diamond drilling program at its Biranup Project in Western Australia.

Shares have fallen by as much as 21.4 per cent on the market today, but this follows a similar growth in the share price yesterday.

The Biranup Project lies in the north-eastern Albany-Fraser Belt, roughly 350 kilometres northeast of Kalgoorlie.

Drilling will be undertaken at the Black Dragon and Red Dragon gold targets, with work penned to begin in the March quarter pending rig and crew availability.

These targets are defined by a highly anomalous rock chip and drill results, which lie within a northeast-southwest-striking zone of significant surface gold anomalism.

Previous rock chip sampling returned up to 626 grams of gold per tonne (g/t) while aircore drilling intersected up to 24.74g/t gold and 14.15g/t silver.

Managing Director Matt Gauci commented on the drilling program.

“Black Dragon and Red Dragon represent compelling structural gold targets with significant historic results including rock chip samples of up to 573g/t and 626g/t gold and previous significant, yet limited, aircore drilling returning nine metres at 7.08g/t gold across a 10-kilometre by three-kilometre gold anomaly,” Mr Gauci said.

“NickelX has designed a targeted diamond drilling program primarily seeking to understand structural and textural information on the gold mineralisation such that we can plan future programs to explore what is a grossly underexplored target within the world-class tier 1 Tropicana trend, located in the Albany Fraser Orogen.”

NickelX was down 21.4 per cent on the market, with shares trading at 11 cents at 2:22 pm AEDT.

NKL by the numbers
More From The Market Herald

" Frugl (ASX:FGL) releases new grocery app update

Retail intelligence ecosystem Frugl (ASX: FGL) has released version 3.0 of Frugl Grocery, a free grocery…

" Vanadium Resources (ASX:VR8) increases stake in Steelpoortdrift Project

Vanadium Resources (A:VR8) increased its interest to 73.95 per cent in the Tier 1 Steelpoortdrift Vanadium…

" PNX Metals (ASX:PNX) aims to raise $4.6 million from entitlement offer

PNX Metals (ASX:PNX) is aiming to raise $4.6 million through a non-renounceable entitlement offer.
The Market Herald Video

" Beforepay (ASX:B4P) still in the red after Monday debut

Beforepay Group (ASX:B4P) still in the red after Monday debut