Pioneer announces promising drilling results from Leo Dam, Increases equity in JV
Highly Elevated PGE Confirms Nickel Sulphide Potential at Leo Dam Prospect Pioneer Increase equity in Joint Venture
Pioneer Nickel Limited (ASX: PIO) Monday released final assay results from recent drilling from its promising Leo Dam Prospect. Aircore drilling was used to test weathered rock as a technique to prospect for massive nickel sulphide mineralisation. Results, which the Company considers very encouraging, include:
• GRA0253 70m at 0.60% Ni, 658ppm Cu and 344ppb Pd+Pt
• GRA0254 44m at 0.70% Ni, 095ppm Cu and 452ppb Pd+Pt
• GRA0257 73m at 0.53% Ni, 468ppm Cu and 202ppb Pd+Pt
Nickel (Ni) and copper (Cu) results were previously announced in the Company's September quarter Technical Summary however today's release follows the return of platinum and palladium (Pd+Pt) assays. The results provide two key pieces of information:
* In the weathered rock profile where sulphide minerals have deteriorated beyond recognition, coincident elevated Ni-Cu-Pd+Pt assays are an excellent sign that nickel sulphides were present; and
* The broad nature of the intercepts suggests that a significant zone of cloud sulphides may be present in deeper, fresh rock. In many Western Australian cases large bodies of cloud or disseminated sulphides accompany the much smaller lenses of massive sulphides and therefore act as a vector to a discovery.
The Leo Dam Prospect occurs approximately 1.5 km northeast of the Blair Mine (AUZ 100%).
Strong Ni-Cu-Pd+Pt anomalism has been defined over a strike of approximately 350m, on three drill hole cross sections and remains open along strike to the north and south. The anomalous mineralisation is located within a high MgO ultramafic unit located stratigraphically above a footwall basalt. Importantly, black shales have not been intersected on the basal contact, which will increase the effectiveness of future ground EM surveys.
Pioneer's Managing Director Mr David Crook said that the very significant results from Leo Dam means continuing activity at the project will remain a priority for the Company.
"The Company has a first class nickel sulphide target within a stones throw of a nickel sulphide mine. While the current nickel price is relatively depressed, the mid-term prognosis is better and Pioneer plans to be in a position to take full advantage of this excellent opportunity when the market improves," he said.
The next phase of work will include:
* Further aircore drilling to close off the zone of mineralisation;
* Moving loop EM surveys to look for conductors which could include massive nickel sulphide mineralisation; and
* A series of RC holes which will be used as a platform for down hole EM surveys.
With the completion of the current program, Pioneer has increased its equity to 53.6% in the Golden Ridge JV Project. |
