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Gold/Mining/Energy : Mining News of Note -- Ignore unavailable to you. Want to Upgrade?

To: LoneClone who wrote (45608)	10/20/2009 10:43:28 PM
From: LoneClone	Read Replies (1) \| Respond to of 194043

Emu adds nickel to its portfolio news.com.au Neil Dowling October 21, 2009 07:45am POTENTIALLY rich nickel zones have been added to Emu Nickel's portfolio today after encouraging results of a comprehensive survey and drilling program. Its joint venture at Emu Lake, 70km north-east of Kalgoorlie and within the Binti Gossan Zone, has realised expansive nickel sulphide intersections that the company reports is open to the north and south. A potential new nickel sulphide target has been identified 300m to the south which is open at depth. Reported intersections from the ground surveys, a 5552m diamond drilling program and downhole surveys include 5.35 per cent nickel and 0.4 per cent copper at 292m which is within an area not previously drilled. ``This represents a potential new mineralised position below which there is no existing drilling,'' the company stated today to the ASX. ``Emu Nickel is most encouraged by these nickel sulphide intersections which indicate that the Binti Gossan Zone remains open to the north and which identified a possible new sulphide position to the south opening up new drilling targets.'' Further drilling is being targeted as the company awaits assays from an additional drill hole. Emu Nickel is earning one-third of the joint venture. Its partner, Xstrata Nickel, is earning two-thirds by funding $3.25 million over a three-year period ending September 2010. Emu Nickel has six nickel projects in the Yilgarn area surrounding Kalgoorlie and has 51 per cent of the Windy Knob tenement package near Meekatharra that hosts uranium, base metals and possibly iron ore. Nickel prices are about $20,000 a tonne. Emu Nickel shares are stable at 22c today.