Zabel Nickel Mineral Resource Update at Mt Edwards

ID: 1563404
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(businesspress24) - HIGHLIGHTS

- Zabel deposit Mineral Resource increases in tonnes and grade, with the estimate now 351,000 tonnes at 1.9% nickel for 6,800 tonnes of contained nickel
- Global Mt Edwards project Mineral Resources increased to 8.74 million tonnes at 1.7% nickel for 147,000 tonnes of contained nickel

Neometals Ltd (ASX: NMT) (Neometals or the Company) is pleased to announce an updated estimate for the nickel sulphide Mineral Resource at its Zabel deposit (Zabel). Zabel forms part of the Mt Edwards Project located in a province of historic nickel sulphide mines surrounding Widgiemooltha. Using historical and new assay data, the reinterpreted Mineral Resource estimate at Zabel has increased in tonnes and grade, with contained nickel now at 6,800 tonnes.

Table 1 - Zabel Indicated and Inferred Mineral Resource Estimate at various nickel grade cut-offs

Mineral Resource Cut-off Tonnes Ni % Ni
Classification Ni% tonnes


Indicated 1 296,000 1.9 5,600
1.5 185,000 2.3 4,200
2 117,000 2.6 3,000

Inferred 1 55,000 2.1 1,200
1.5 45,000 2.3 1,000
2 38,000 2.4 900

TOTAL 1 351,000 1.9 6,800
1.5 230,000 2.3 5,200
2 155,000 2.6 3,900

Reverse circulation (RC) drilling was undertaken at Zabel in June 2019. The RC drilling has intercepted massive nickel sulphide, with 11 metres (at) 2.6% nickel including 4 metres (at) 6.3% nickel from 108 metres down drill-hole (for full details refer to ASX announcement entitled Mt Edwards Nickel Drill Results released on 5 August 2019). This was the first nickel exploration drilling at Zabel since 2007.



The re-estimation of the Zabel Mineral Resource is a continuation of a major review of the Mt Edwards project undertaken by Neometals since mid-2019, which has included an audit of the drill database and the historical exploration and mining literature.

A future work program is planned for Zabel that will include reverse circulation drilling (RC) and diamond core drilling (DD) to further assess the extents of mineralisation and improve the understanding of the metallurgical characteristics to pave the way for mining studies. Off hole conductor plates interpreted from DHEM surveys adjacent to the known mineralisation will also be tested with a view to increase the scale of the Zabel deposit.

Background

Neometals acquired the Mt Edwards project in the first half of 2018 and immediately began exploring for nickel and lithium. The Company is targeting new discoveries at Mt Edwards while reviewing and enhancing existing Mineral Resources. The Company holds mining tenements with a large land holding of more than 300km2 across the Widgiemooltha Dome, a well-recognised nickel sulphide mining province.

Updating of the Mineral Resource estimate at the Zabel deposit has expanded the global Mt Edwards Project Mineral Resources to 8.74 million tonnes at 1.7% nickel for 147,000 tonnes of contained nickel across 11 deposits.

Table 2 - A revised Zabel brings the Mt Edwards Project Nickel Mineral Resources total nickel tonnes to 147,000


Indicated Inferred TOTAL Mineral
Resources

Deposit Tonne NickelTonne NickelTonne NickelNickel
( (%) ( (%) ( (%) Tonne
kt) kt) kt) s

Widgie 32 625 1.5 625 1.5 9,160
Gillett5 1,306 1.7 1,306 1.7 22,500
Widgie 2,193 1.9 2,193 1.9 40,720
Townsite
2
Munda3 320 2.2 320 2.2 7,140
Mt Edwards 26N 575 1.4 575 1.4 8,210
2

132N6 34 2.9 426 1.9 460 2.0 9,050
Cooke 1 150 1.3 150 1.3 1,950
Armstrong4 526 2.1 107 2.0 633 2.1 13,200
McEwen 1 1,070 1.3 1,070 1.3 13,380
McEwen Hanging 1,060 1.4 1,060 1.4 14,840
wall
1
Zabel 296 1.9 55 2.1 351 1.9 6,800
TOTAL 3,049 1.9 5,694 1.6 8,743 1.7 147,00
0

Mineral Resources quoted using a 1% Ni block cut-off grade, except Munda at 1.5% Ni. Small discrepancies may occur due to rounding
Note 1. refer announcement on the ASX: NMT 19 April 2018 titled Mt Edwards JORC Code Mineral Resource 48,200 Nickel Tonnes
Note 2. refer announcement on the ASX: NMT 25 June 2018 titled Mt Edwards Project Mineral Resource Over 120,000 Nickel Tonnes
Note 3. refer announcement on the ASX: NMT 13 November 2019 titled Additional Nickel Mineral Resource at Mt Edwards
Note 4. refer announcement on the ASX: NMT 16 April 2020 titled 60% Increase in Armstrong Mineral Resource
Note 5. refer announcement on the ASX: NMT 26 May 2020 titled Increase in Mt Edwards Nickel Mineral Resource
Note 6. refer announcement on the ASX: NMT 5 October 2020 titled 132N Nickel Mineral Resource and exploration update at Mt Edwards

Table 3 - Zabel Nickel Mineral Resources table for nickel and other elements at various nickel grade cut-offs

Ni cut-off TonneNi%Fe2O3Cu ppmMgO %As ppmCo S %Nickel
grade s % ppm tonnes
%

1% Nickel 351,01.921.9 2,690 12.9 513 594 6.06,800
cut-off 00

1.5% Nickel 230,02.324.0 3,301 12.4 581 712 7.05,200
cut-off 00

2% Nickel 155,02.625.2 3,845 12.5 567 796 7.73,900
cut-off 00

Mineral Resource Estimation

The Zabel Mineral Resource was estimated by Richard Maddocks from Auralia Mining Consultants. The Mineral Resource estimate for the Zabel Deposit of 351,000 tonnes at 1.9% nickel for 6,800 nickel tonnes is reported in accordance with the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves prepared by the Joint Ore Reserves Committee of The Australasian Institute of Mining and Metallurgy, Australian Institute of Geoscientists and Minerals Council of Australia (JORC Code) and follows a detailed interrogation and review of the available data, including the earlier reported Mineral Resource estimates by the previous holders of the tenement.

A summary of information relevant to the Zabel Mineral Resource estimate at the Mt Edwards Project is provided in these appendices attached to this announcement:
Appendix 1. Table 1 as per the JORC Code Guidelines (2012)
Appendix 2. Drill holes used in the Zabel Mineral Resource block model
Appendix 3. Significant and Mineralised Nickel Drill Intersections at Zabel

Location

The Zabel nickel deposit is located on mining lease M15/97, approximately 13km north-east of the Widgiemooltha Roadhouse (50km from Kambalda). Access from the Coolgardie to Esperance Highway is via well-established roads used for previous mining and exploration in the area. There has been no mining in the immediate vicinity of the Zabel Mineral Resource, and geological knowledge has been sought by drill sample logging and surface mapping combined with interpretations of geophysical surveys. The Zabel Mineral Resource is located at the northern end of a line of eleven nickel deposits at the Mt Edwards Project.
https://www.irw-press.at/prcom/images/messages/2020/54850/NEO_EN_PRcom.001.jpeg


Figure 1 - Mt Edwards Project tenure over geology, with the Zabel Mining Lease M15/97 location, shown with other Mineral Resources. Neometals holds 100% nickel rights for all live tenements shown above.

To view entire news in English language, including Appendix 2, please follow the link:
https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02325833-6A1013932?access_token=83ff96335c2d45a094df02a206a39ff4

ENDS

For further information, please contact:

Chris Reed
Managing Director
Neometals Ltd
T: +61 8 9322 1182
E: info(at)neometals.com.au

Jeremy Mcmanus
General Manager - Commercial and IR
Neometals Ltd
T: +61 8 9322 1182
E: jmcmanus(at)neometals.com.au

About Neometals Ltd
Neometals innovatively develops opportunities in minerals and advanced materials essential for a sustainable future. With a focus on the energy storage megatrend, the strategy focuses on de-risking and developing long life projects with strong partners and integrating down the value chain to increase margins and return value to shareholders.

Neometals has four core projects with large partners that span the battery value chain:

Recycling and Resource Recovery:
- Lithium-ion Battery Recycling - a proprietary process for recovering cobalt and other valuable materials from spent and scrap lithium batteries. Pilot plant testing completed with plans well advanced to conduct demonstration scale trials with 50:50 JV partner SMS group, working towards a development decision in early 2022; and
- Vanadium Recovery - a 27-month option to evaluate establishing a 50:50 joint venture to recover vanadium from processing by-products (Slag) from leading Scandinavian steel maker SSAB. Underpinned by a 10-year Slag supply agreement, a decision to develop sustainable European production of high-purity vanadium pentoxide is targeted for December 2022.

Downstream Advanced Materials:
- Lithium Refinery Project - evaluating the development of Indias first lithium refinery to supply the battery cathode industry with potential 50:50 JV partner Manikaran Power, underpinned by a binding life-of-mine annual offtake option for 57,000 tonnes per annum of Mt Marion 6% spodumene concentrate, working towards a development decision in 2022.

Upstream Industrial Minerals:
- Barrambie Titanium and Vanadium Project - one of the world''s highest-grade hard-rock titanium-vanadium deposits, working towards a development decision in mid-2021 with potential 50:50 JV partner IMUMR.

To view entire news in English language, including Appendix 2, please follow the link:
https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02325833-6A1013932?access_token=83ff96335c2d45a094df02a206a39ff4




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Date: 12/23/2020 - 01:29
Language: English
News-ID 1563404
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