Parabellum Resources hits shallow high-grade nickel-cobalt in Redlands drilling
Proactive Investors
Published Nov 14, 2023 12:06
Updated Nov 14, 2023 12:30
Parabellum Resources hits shallow high-grade nickel-cobalt in Redlands drilling
Parabellum Resources Ltd (ASX:PBL) has intersected high-grade nickel-cobalt mineralisation during a maiden aircore drilling program in the eastern part of the Redlands Project in central New South Wales.
The company completed a total of 45 holes for an aggregate of 2,044 metres last month as part of an initial drill test.
Results for most of the drill holes, shallower than originally anticipated, have been received, with 24 others pending.
Some of the standout results indicating that mineralisation is open to the east include:
- RAC013 - 32 metres at 1.05% nickel, 0.07% cobalt from 2 metres;
- RAC017 - 20 metres at 0.82% nickel, 0.05% cobalt from 4 metres; and
- RAC019 - 8 metres at 0.86% nickel, 0.05% cobalt from 6 metres.
Aircore drill chips from drill hole RAC013.
“Very encouraging”
”The Miandetta-Redlands prospect area was identified by the company as having significant potential for hosting oxide near-surface nickel-cobalt mineralisation in August 2023,” Parabellum executive director Peter Secker said.
“The drilling program completed last month has confirmed the potential of this area to host significant mineralisation and the results obtained thus far are considered very encouraging.
“The company looks forward to receiving the remaining assays over the next couple of weeks in order to plan appropriate systematic follow-up drilling focused on expanding the size of the nickel-cobalt mineralisation.”
Next step
Parabellum’s NSW projects comprise Redlands/Whitbarrow, Recovery and Lunns Dam in the Tottenham-Girilambone district - four granted exploration licences covering about 690 square kilometres - and the Obley Project in the Yeoval district covering about 180 square kilometres.
The company is planning to further test the eastern limits of Redlands as well as more systematically test the area to the west of the prospect and the Miandetta prospect itself.
Environmental approval applications to conduct the drilling will be lodged with the NSW resource regulator this week with the view of commencing work in the first quarter.
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