GreenTech Metals provides Pilbara nickel exploration update

Highlights

• Drill programme to test the Osborne nickel target consisted of two holes for a total 598.5 m, including 198.5 m core drilling.
• First RC drill hole 22OSBRC001 successfully intercepted the shallowest portion of the targeted modelled conductor, intersecting a ~7 m zone of sulfides.
• A second hole, 22OSBRC002, was drilled by RC to 150 m then extended with a diamond tail to 348.5 m intersecting a point close to the centre of the fixed loop EM (FLEM) conductor plate.
• On completion of the drill holes, down-hole electro-magnetic (DHEM) surveying was undertaken with several low-order conductor targets identified within the sulfide-bearing conductor horizon.
• Laboratory analysis of drill chips from the first hole and pXRF analysis of core and drill chips from the second hole reported no significant nickel or copper mineralisation.
• Detailed gravity survey over the Ruth Well Ni-Cu deposit was recently completed revealing a coincident gravity response and possible potential for extension to known Ni-Cu mineralisation which is highly encouraging.
• Drill programme will be planned to test these new Ruth Well nickel targets following assessment of new geophysical data.

GreenTech announced on 30 June 2022 that it had commenced the first reverse circulation (RC) drill hole designed to test the shallowest portion of the Osborne nickel sulfide target. The company successfully intersected the modelled electromagnetic (EM) conductor in the first RC drill hole with sulhides visually observed in RC chips over a 7 m interval from 173 m depth. In consultation with technical consultant Newexco, a decision was taken to utilise the second RC drill hole as a pre-collar for a diamond drill ‘tail’. The diamond drill core provided greater detail of the host rocks and the nature of the sufhide mineralisation associated with this conductive horizon.

RC samples from the first drill hole were sent to the ALS laboratory in Perth for multi-element analysis. Although the nickel and copper potential of the sulfides was initially confirmed by handheld pXRF analyser, no significant nickel or copper results were reported in the laboratory analyses. Similarly, no significant nickel or copper mineralisation was identified in the drill chips and core from the second drill hole using a pXRF analyser.

Following a review of all the drilling and geophysical data, Newexco has recommended that further geophysical interpretation be undertaken prior to any follow-up drill programmes at Osborne.

Thomas Reddicliffe, GreenTech Executive Director, commented: “The maiden drilling at the Osborne prospect intercepted sulfides as modelled, but no significant copper or nickel mineralisation was encountered. Subject to a review of all the exploration data by the team we are satisfied that we have used the appropriate exploration methodology and consider that the target has been adequately tested. GreenTech will keep a focus on this Ni-Cu terrain and going forward we have turned our attention to the nearby Ruth Well Ni-Cu deposit and the several untested conductor targets in its proximity, including Hickmott.”

Ruth Well (Greentech 100%)

`The Ruth Well nickel–copper deposit was discovered in 1971, is located within tenement E47/3487 and comprises a JORC 2012 indicated resource of 265 000 t at 0.4% Cu and 0.5% Ni (0.3% Ni cut-off). Artemis Resources reported the following significant results (refer ARV ASX announcement 2 May 2018):

• EWRC003: 13 m at 2.14% nickel (Ni), 1.19% copper (Cu), 0.07% cobalt (Co), 0.6 g/t gold (Au), 0.6 g/t palladium (Pd) from 55 m, including 2 m at 8.74% Ni, 3.12% Cu, 0.26% Co, 1.58 g/t Pd from 57 m.
  • Including 1 m at 11.15% Ni from 57 m.
• EWRC002: 21 m at 1.11% Ni, 0.88% Cu, 0.05% Co from 30 m, including 1 m at 2.54% Ni, 0.66% Cu, 0.07% Co, 3.73g/t Au and 2.82 g/t Pd from 30 m.
• EWRC003: 11 m at 0.85% Ni, 0.55% Cu, 0.05% Co from 40 m, including 1 m at 1.81% Ni, 0.64% Cu, 0.08% Co from 55 m

A detailed 25 x 25 m ground gravity survey was completed over the deposit, which revealed an associated gravity response presenting as a gravity ridge. The gravity survey data is currently being assessed in conjunction with other geophysical data sets including detailed magnetics which shows a magnetic high associated with the deposit. The gravity survey was undertaken over Ruth Well to assess if gravity surveys could be used to prioritise or validate conductor targets on the basis of the density of massive sulfides being reflected in the gravity response. In this respect, the company is very encouraged with the results of the survey.