Investing News NetworkAUSTRALIA
Nickel sulphide explorer Nordic Nickel Limited (ASX: NNL; Nordic, or the Company) is pleased to report further significant assay results received from drilling completed at its 100%-owned flagship Pulju project, situated in Northern Finland (Pulju, or the Project) within the Central Lapland Greenstone Belt (CLGB). The Company completed 28 diamond drill holes for 15,432m as part of its maiden drilling program at the Project.
HIGHLIGHTS
- Assays from nine (9) diamond drill holes continue to return extensive zones of nickel sulphide mineralisation, including zones of higher-grade massive stringer sulphides.
- Assay highlights include:
- HOT026
- 41.1m @ 0.25% Ni from 296.9m (incl. 0.45m @ 2.4% Ni, 0.11% Co); and
- 100m @ 0.21% Ni from 353m (incl. 0.55m @ 1.17% Ni, 0.05% Co)
- HOT021
- 195m @ 0.21% Ni from 10m; and
- 107.9m @ 0.17% Ni from 330m
- HOT018
- 184m @ 0.21% Ni from 34m
- HOT023
- 141.75m @ 0.22% Ni from 35.85m (incl. 2m @ 0.80% Ni, 0.04% Co)
- HOT020
- 122m @ 0.21% Ni from 92m; and
- 132.3m @ 0.22% Ni from 347m
- HOT014
- 102.37m @ 0.20% Ni from 137.63m
- HOT026
(See Table 1 and Appendix 1 for details)
- Results reinforce the potential for high-grade, semi-massive and massive nickel sulphides within the extensive areas of disseminated nickel sulphide mineralisation at Hotinvaara.
- Partial leach assaying confirms the predominance of nickel sulphide in the assays received to date.
- Hotinvaara Prospect represents just 2% of the total prospective mineralised belt within the broader Pulju Project.
- Assay results pending for an additional five drill holes from the Phase 1 drilling program at Hotinvaara.
- Updated MRE scheduled for completion by the end of 2023.
Principally, these results have confirmed and expanded the footprint of the extensive zones of disseminated nickel sulphide mineralisation at the Hotinvaara Prospect. Additionally, step-out drilling to the south (HOT026) has demonstrated a large extension of the mineralised system and that the targeting of geophysical anomalies is an effective (Figure 1, Table 1 & Appendix 1).
Figure 1. Collar plan showing Nordic’s drilling (green dots) and historical drilling (black dots). Drill holes reported in this release highlighted in green text. Composite assay intersections highlighted (cut-off:>1,500ppm Ni-total; max. 6m internal dilution). Cross-sections A – A’, B – B’, C – C’, D – D’, E – E’ and F – F’ see Figs. 2 – 7.
Management Comment
Nordic Nickel Managing Director, Todd Ross, said: “We are very encouraged to see zones of high- grade nickel sulphide in these latest assays associated with the extensive zones of disseminated mineralisation which we have been consistently intersecting.
“The Phase 1 drilling program has been extremely successful in confirming and expanding the known mineralised footprint at Hotinvaara, laying the foundations for a resource upgrade due by the end of this year. In particular, the strong correlation of magnetic anomalism with nickel sulphide mineralisation is extremely encouraging as we look to both expand the existing resource and discover larger accumulations of massive sulphides.
“As our understanding of the mineralised system advances, we will be in a strong position to build on the results of the Phase 1 drilling and target new discoveries, both within, and external to, the Hotinvaara licence area. In the meantime, shareholders can look forward to consistent further news-flow as we await final assays from the drilling, an updated MRE and metallurgical testwork results.”
Click here for the full ASX Release
This article includes content from Nordic Nickel, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Nordic Nickel
Overview
Nordic Nickel (ASX:NNL) is a nickel sulphide exploration and development company focused on becoming a major supplier of sustainably sourced, traceable, high-purity class 1 nickel through its portfolio of highly prospective assets in Finland. A highly-credentialed team with a solid track record and experience throughout the mining industry leads the company in executing its exploration and development strategy.
Finland is a Tier-1 mining-friendly jurisdiction with a long mining history in the Central Lapland Greenstone Belt. Additionally, the country is incentivising battery mineral projects and is positioned to become a major player in the full battery value chain, making it an ideal jurisdiction for exploration and development.
The European Union Critical Minerals Act includes nickel as a critical mineral and will play a vital role in the energy transition and through the electrification of the transportation sector and renewable energy and storage industry.
Nordic’s Nickel’s 100-percent-owned flagship Pulju Project already has a JORC-compliant resource estimate of 133.6 million metric tonnes at 278,520 tonnes of nickel and 12,650 tonnes of cobalt. The Pulju Project’s unique mineralisation is amenable to a dual exploration strategy of both near-surface disseminated nickel and deeper high-grade massive sulphide lenses. The project is located in an area of known mineralisation where there have been a number of major discoveries, including the 304 Mt, open-pit Ni, Cu, Au, Kevitsa Mine, owned by Swedish mining company Boliden together with the world-class 44 Mt Cu, Ni, PGE, Sakatti Deposit discovered by Anglo American. Historical drilling has been shallow with no modern geophysics applied, which Nordic Nickel has now undertaken, and has identified multiple electromagnetic anomalies to target for the current 22,000-meter drilling campaign that is underway.
The current resource estimate for the Pulju Project is based on only 5 square kilometers out of a 250-square-kilometer land package. Nordic Nickel is currently undergoing a 22,000-meter drill campaign to expand the areas of known mineralization and target Sakatti style analogues of deeper high-grade massive sulphides.
In 2023, Nordic Nickel secured an exploration licence (EL) for the Pulju Project. The newly granted EL, known as Holtinvaara, is highly prospective for nickel sulphide mineralisation and is three times the size of the Hotinvaara Prospect, which has been the focus of Nordic’s maiden exploration program and the company's resource development activities to date.
Nordic Nickel’s second project, the Maaninkajoki 3 (MJ3) asset comprises 30 square kilometers of exploration licenses and also situated in a region of known mineralisation or similar mafic/ultramafic lithologies to the near-by Sakatti deposit. The company has an earn-in agreement to acquire 75 percent of the asset as exploration continues.
A management team with a range of expertise throughout the mining industry builds confidence in the company’s goal to explore its assets fully. Expertise includes corporate administration, geology and international finance.
Company Highlights
- Nordic Nickel is an Australian exploration and development company focusing on its district-scale nickel assets in Northern Finland
- Finland is a Tier-1 mining jurisdiction with a deep history in the industry, resulting in mining-friendly regulations.
- The European Union Critical Minerals Act has included nickel as a critical mineral and exploration and development will benefit from future incentives.
- Nordic Nickel’s flagship Pulju Nickel Project already has a near-surface JORC-compliant resource estimate of 133.6 million tonnes, with 278,520 tonnes of Nickel and 12,500 tonnes of cobalt .
- The company’s second Maaninkajoki 3 Project covers 30 kilometers of exploration licenses, and the company has the option to earn up to 75 per cent.
- An experienced management team with a track record and deep expertise in the natural resources industry leads the company.
Key Projects
Pulju Nickel Project
The company’s 100-percent-owned flagship Pulju project covers 250 square kilometers of land in Finland's Central Lapland Greenstone Belt. Nordic Nickel is currently conducting a diamond drilling campaign with ~9,000 meters completed since the beginning of 2023 with initial assay results currently pending.
Project Highlights:
- Prolific Resource Estimate with Expansion Potential: The current JORC-compliant resource estimate indicates 133.6 million tonnes for 275,520 tonnes of contained nickel and 12,560 tonnes of contained cobalt. Nordic Nickel is currently undertaking a 22,000-meter drill campaign to expand areas of known mineralisation and target deeper, high grade massive sulphides.
- Encouraging Historical Drill Results: Past drill results, including 51 drill holes for both near-surface and deeper high-grade sulphides, have produced encouraging results.
- Near-surface:
- 97 meters at 0.33 percent nickel from 102 meters
- 122 meters at 0.25 percent nickel from 33 meters
- 108 meters at 0.26 percent nickel from 98 meters
- Massive sulphide intersections:
- 0.26 meters at 9.61 percent nickel, 0.17 percent copper and 0.36 percent cobalt from 147.37 meters
- 0.90 meters at 4.98 percent nickel, 0.03 percent copper and 0.14 percent cobalt from 190.40 meters
- 0.32 meters at 5.03 percent nickel, 0.06 percent copper and 0.24 percent cobalt from 45.7 meters
- Near-surface:
- Promising Geology: The regional geology of the project is amenable to rich nickel deposits. The presence of ultramafic rocks mirrors the Sakatti and Kevitsa deposits. The project contains a 35-kilometer continuous prospective strike with considerable blue-sky potential as exploration continues.
- Newly Granted Exploration License: The new Holtinvaara exploration licence is highly prospective for nickel sulphide mineralisation and is three times the size of the Hotinvaara Prospect, which has been the focus of Nordic’s maiden exploration program and the company's resource development activities to date.
Maaninkajoki 3 (MJ3) Nickel Project
Nordic Nickel’s MJ3 Project covers 30 kilometers of exploration licenses. The asset is subject to an earn-in agreement, which gives the company the right to acquire up to 75 percent of the project over two stages. The project is highly prospective for both intrusive-hosted and komatiite-hosted nickel sulphide mineralization.
Management Team
Todd Ross - Managing Director and CEO
Todd Ross has over 23 years’ experience in finance, derivatives and corporate advisory within the natural resources sector. He is the former managing director and head of Western Australia for BNP Paribas. Ross is a specialist in project and acquisition financings across a range of commodities across multiple jurisdictions. His previous roles include senior positions at BNP Paribas, Westpac, Royal Bank of Canada, CBA and Oakvale Capital. Ross holds a Bachelor of Business from Edith Cowan University and a Graduate Diploma in Applied Finance & Investment from FINSIA.
Marcello Cardaci - Non-executive Chairman
Marcello Cardaci is the former partner of Gilbert & Tobin’s Corporate Advisory Group. He has 25 years’ experience advising public and private equity fund raisings, M&A and divestment. Cardaci has extensive experience on capital raisings, takeovers, schemes of arrangements and joint ventures. His current directorships include ASX-listed Altamin Limited and Manhattan Corporation Ltd. Cardaci holds degrees in law (BJuris, LLB) and commerce (BCom).
Robert Wrixon - Executive Director
Robert has over 20 years’ experience in corporate strategy, mining M&A and mineral exploration. He is the director of Starboard Global Ltd, private equity and incubation of projects in the metals and mining sector. His current directorships include Rafaella Resources Ltd, Emmerson PLC. Wrixon holds a PhD in mineral engineering from the University of California, Berkeley.
Juho Haverinen - Non-executive Director
Juho Haverinen has over ten years’ experience in planning and overseeing mineral exploration in Finland and is currently head of exploration for Magnus Minerals Oy. He has significant experience in Finland with exploration joint ventures with major multinational mining companies and is a member of the board of the Finnish Mining Association (FinnMin) and a board member of Magnus Minerals Oy. Haverinen holds both BSc and MSc degrees in geology from the University of Helsinki.
Aaron Bertolatti - Company Secretary and CFO
Aaron Bertolatti is a qualified chartered accountant and company secretary with over 15 years’ experience. He has significant experience in the administration of ASX-listed companies, corporate governance and corporate finance. He was previously CFO of Highfield Resources Ltd and American Pacific Borates Ltd.