LCL to drill PNG’s biggest nickel anomaly in Q1-2024
Our long term Investment LCL Resources (ASX: LCL) just outlined its exploration plan for its nickel projects in the PNG.
Over the course of this year LCL has consolidated a ground position of ~3,400km^2 covering the biggest nickel stream sediment anomaly in the PNG.
LCL owns 100% of the project and has several exploration targets across the project area.
LCL already has three main nickel sulphide targets that sit across a ~10km zone:
The three main nickel sulphide targets are as follows:
- 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.
See our deep dive note on that news here: LCL grabs all land surrounding 45.8% “nickel boulder” - 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%.
To date, LCL is yet to run a single drill program over the nickel projects.
LCL expects the first round of drilling to be in Q1-2024.
What’s next at LCL’s nickel targets?
Before the drill program LCL’s plan is to:
- Mapping and trenching at the Iyewe and Veri Veri prospects
- Field program across the Wedei and Safia prospects.
- Re-evaluate and reinterpret existing geophysical data.
- Potentially running new geophysical surveys over high priority targets.
