LCL now has the biggest nickel target in PNG

Published 27-JUL-2023 11:00 A.M.

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A few weeks back we mentioned that LCL Resources (ASX: LCL) had started picking up more ground right next to its nickel project in Papua New Guinea.

Then last week LCL released to market news that it had potentially found the source to the high grade nickel boulders that were being found in a nearby creek.

Some of those boulders were showing remarkable nickel grades as high as ~45.8%.

And the “in-situ” outcropping sulphides LCL found last week graded as high as ~13.4% nickel.

Today, LCL showed us exactly why it was busy picking up the ground in and around its Veri Veri nickel project.

LCL’s nickel project now covers ~2,400km2 of ground across ~100km of strike length.

Across the giant nickel anomaly LCL has four key prospects:

Veri Veri target - This is where LCL has been focusing its efforts to date. LCL has picked up nickel sulphide boulders grading up to ~45.8% nickel and just last week announced that it may have found the source for the nickel boulders in outcrop grading ~13.4% nickel.
Wedei target - A ~7km x 4km target where LCL has picked up stream sediments with nickel grades >0.25%.
Iyewe target - Iyewe sits ~5km south east of the Veri Veri nickel sulphide prospect. Previously this target had 10 diamond drillholes completed on it back in 2009. LCL’s focus in the near term is on confirming the drillhole locations and working out the source for the nickel in the area.
Safia target - A ~3km x 2km target where LCL has picked up stream sediments grading >0.25% nickel.

What’s next for LCL?

Drilling at the Kusi gold/copper target 🔄- LCL is seven holes into a ~18 hole drill program. The next stage of the drill program will focus on step out holes and drilling around the Leah’s Lode target <1km NE from the current drillholes.
Fieldwork and airborne EM across Nickel Project 🔄 - LCL’s next steps here will be to run new generation airborne electromagnetic (EM) geophysical surveys and get on ground for some sampling/mapping - these will help workout the best places LCL should focus its future drill programs.
Fieldwork across other PNG projects 🔄 - Fieldwork across copper/gold and nickel targets.
Joint Venture discussions 🔄 - Potential farm-out/JV across LCL’s project portfolio.