Assays received from WA nickel, copper, PGE project
This morning MAN announced the assay results from the last EM conductor (Conductor C) which was drilled at its WA nickel, copper, PGE project.
The bad news first: the results returned low grade nickel mineralisation, similar to the first two EM conductors that were drilled over this project, with the following results:
- 4m @ 0.37% nickel from 82m
- 1m @ 0.33% nickel from 69m
The good news: MAN ran some downhole EM surveys as soon as drilling was finished and managed to locate an off-hole EM plate measuring ~80 x 20m with strong conductance of 8,750 siemens at a depth of ~125m below the ground.
Despite the conductor being relatively small in size it has a high siemens count, classifying it as having “strong conductivity”. This could at some stage provide an opportunity for MAN to come back and test this project.
As we outlined in our 2022 MAN Investment Memo, we are now more interested in seeing the company drill its newly acquired copper projects in Chile. We’re happy to see MAN confirm in today’s announcement that it will now move its corporate and exploration focus over to that project.
Our recently launched Investment Memo explains all of our reasons for holding MAN in our portfolio, what we want to see the company achieve in 2022, and the risks to our investment thesis.
