The company’s use of electromagnetics has revealed a suite of mineralised settings at Block 3 and the company is now planning to undertake a gradient array induced polarisation (IP) survey over Block 3 targeting sulphide mineralisation.
Executive director Luke Hampson said the results at Block 3 have provided further evidence of the significant potential within the newly-discovered greenstone belt at Mons.
“Nimy has now located and drilled two prospects containing massive sulphides within a 3,004 square kilometre holding with several more targets pending exploration,” Mr Hampson said.
Notably, the mineralisation identified at Block 3 differs from the Masson prospect discovery some 14km to the north.
“The massive sulphides at Block 3 West are carrying elevated levels of copper, gold and silver.”
“Substantial rare earth oxide mineralisation is located above and below the mafic rocks containing massive sulphides.”
Nimy is now planning to undertake the IP survey to track the sulphide trend along strike in search of higher-grade copper, gold and silver.
Nimy is particularly excited by the extremely high levels of gallium and elevated copper in oxide identified 2km along strike at Block 3 East, which it believes highlights a potential volcanogenic massive sulphide discovery.
Gallium is often associated with copper, lead and zinc mineralisation and at Block 3 is accompanied by anomalous levels of rare earth oxides.
“Gallium trioxide values above 100 parts per million are considered high-grade, and two substantial intervals of 52m at 105ppm and 72m at 117ppm are present within the Nimy drill holes,” Mr Hampson said.
“Gallium production is dominated by China, which imposed export restrictions in the second half of 2023, causing an emergence of gallium-focused exploration worldwide.”
A US-designated critical metal, gallium has a variety of important uses within the semiconductor space.
Nimy is planning to investigate the standalone commercial value of gallium, along with its role as a base metal pathfinder.
In late March 2024, Nimy received a research and development (R&D) refund of $1.47 million under the Australian Federal Government’s tax incentive scheme.
The refund is related to eligible R&D activity expenditures incurred at the Mons project during FY2023.
