LCL Gets Nickel Grades up to 3.24% in Trenching Work
LCL Resources (ASX: LCL) holds ~3,400km^2 of ground in the PNG.
LCL owns 100% of the project and has several exploration targets across the project area covering the biggest nickel stream sediment anomaly in the PNG.
At its nickel project LCL has ~5x nickel sulphide prospects on ~20km of strike.
The three main nickel sulphide targets are as follows:
- (Today’s announcement came from this one) Veri Veri - This is where LCL recently confirmed the source for the high grade nickel boulders it had across its project area. The nickel boulders graded as high as 45.8% nickel.
- Iyewe - Previous trench sampling returned 2.05m with 12.33% nickel grades and rock chip samples graded as high as ~49% nickel. The prospect had ~10 drillholes completed by a previous explorer returning best hits of 5m with nickel grades of 1.48%.
- Doriri - Previous drilling in the 1960’s returned 3.6m hits with nickel grades of 1.47%. Then again in 2012 and 2022 more drilling was done hitting nickel grades of up to 1.13%.
Today LCL put out trenching results from one of the three targets at Veri VerI.
The best result was a 14m trench sample that returned nickel grades up to 3.24%.
The main takeaway for us is that the results now give LCL and idea of where to put its drillholes once it comes time to drill the Veri Veri project - with drilling likely to be where grades are the highest.
Next, LCL expects to sample its Wedei prospect looking for the source of the ~7km x 4km nickel stream sediment anomaly:
What’s next for LCL?
Sampling results 🔄
LCL confirmed assay results from sampling across its other prospects are expected in April 2024.
Sampling at Wedei 🔄
We want to see what LCL finds at Wedei (the giant stream sediment nickel anomaly).
Update from LCL’s colombian gold project 🔄
LCL still holds its gold project in Colombia which has a JORC resource of ~2.6m ounces of gold.
Considering the gold price is trading near all time highs and has recently started to get some more market attention, any newsflow from LCL’s gold project could get the market interested in the company again.
LCL said that “The Department of Prior Consultation (a Central Colombian Authority within the Ministry of Interior) has advised that the Company re-open a consultation process with a local indigenous community for a portion of the 100% owned Quinchia Gold Project.”
While we await more news on the status of the Columbian gold project - we are glad that LCL remains well engaged with all the various stakeholders involved in the project.
At the moment, the focus for LCL is on developing its nickel prospects in the PNG.
LCL Resources (ASX: LCL), released news out of its PNG exploration projects.
After doing some field work, LCL found more outcropping nickel sulphides across parts of its project that hadnt been found before.
We know that LCL’s other PNG projects are highly prospective for nickel sulphides, particularly the Veri Veri project which has “nickel boulders” grading up to 45.8% nickel.
LCL now has outcropping nickel sulphides extending over a strike length of ~20km.
That’s a vast stretch of strike to work with - so we are looking forward to seeing what kind of targets LCL will drill in PNG.
Below is a nice visual compilation of LCL’s exploration work in the area:
Our key takeaway here is that the nickel sulphide occurrences are occurring along a trend represented by the Keveri Fault - we think this information should help inform future drilling for LCL
EM surveys at Veri Veri
LCL has also received initial results from an EM survey at the previously mentioned Veri Veri project:
There’s a nice conductivity high in there which corresponds to LCL’s pre-existing field work.
All up, we think this work sets LCL up nicely to deliver (we hope) more excellent nickel results.
Columbia project update
With the gold price hovering around all time highs in the current macroeconomic environment, LCL also provided an update on its advanced gold project in Columbia.
LCL said that “The Department of Prior Consultation (a Central Colombian Authority within the Ministry of Interior) has advised that the Company re-open a consultation process with a local indigenous community for a portion of the 100% owned Quinchia Gold Project.”
While we await more news on the status of the Columbian gold project - we are glad that LCL remains well engaged with all the various stakeholders involved in the project.
