NickelSearch Limited advised that a Reverse Circulation (RC) drill program has been successfully completed at the Company's Carlingup Nickel Sulphide Project near Ravensthorpe, Western Australia. Drilling focussed on geochemical and geophysical anomalies at three high priority target areas at Javelin,
Sexton and RAV8 South. NickelSearch, advised by Newexco and with Strike Drilling as the drilling contractor, has successfully completed its ten- hole RC program, testing targets at Sexton, Javelin and RAV8 South. Ten holes were completed for 1,357m, with each 1m composite being sent for assay at Intertek. Results are expected in 4-6 weeks. The Sexton prospect is of interest due to a single historic intersection in hole RVD01015, which recorded 2.2m @ 1.2 % Ni and 0.17% Cu from 98.1m as well as anomalism from soil assays and magnetic surveys. Of the four holes targeting the Sexton area, three intersected Ni-bearing (pyrrhotite dominant) sulphides at the target horizon, including 6m of massive and matrix sulphides from 149m in 23NRC012 (assay results pending). The logging of this hole shows it is similar to RVD01015. The results of the DHEM and assays are eagerly awaited to plan drilling to follow the thickening nickel sulphide intervals. The drilling was planned based upon this apparent plunge and the previous hole RVD01015. Hole 23NRC009 intersected fresh massive nickel sulphides at a shallow depth of 39m, indicating that the mineralisation may outcrop further to the west. Hole 23NRC010 likely passed above the plunge, although it also intersected very different geology at the target depth to the other holes; a more layered-looking ultramafic body. Holes 23NRC011 and 23NRC012 both intersected the Ni-bearing mineralisation at the approximate target depth. Most holes were collared in basalt, with some having some siliciclastic sediment as well. A series of thin layers of komatiite and komatiitic basalt followed with a thin interval, typically only 1m, of disseminated to massive Ni-bearing sulphides at the base of these ultramafics immediately above a thick magnetite banded iron formation (BIF) unit. The main targets were immediately below the BIF, with 0 - 2m of ultramafic before 1 - 6m of massive and matrix nickel- bearing sulphides. The mineralisation was generally followed by another chert /BIF unit; meaning the nickel sulphides are sandwiched between two sediments. With the vein and quartz material, this possibly means some remobilisation has squeezed the sulphides into this location. Further ultramafics are present below this sediment. The "footwall" is variable with a variety of lithologies in the different holes including a detrital sandstone, felsic volcanics and further ultramafics, and further massive pyrite, chert, quartz veining. Mineralisation in the Carlingup area appears to form in distinct and relatively narrow channels, presumably eroded into
the underlying sediment as the magma flowed over it. The nickel sulphide mineralisation is therefore in the same plane as weakly to moderately conductive sulphidic sediments. The presence of a strong conductor within a broader weakly conductive horizon is what would be predicted by using this model of nickel-sulphide deposit formation. Five holes were drilled at Javelin to follow up on the DHEM conductors (plates) from the October drilling, and the broader geochemical anomalism in the area. Two holes were planned to intersect a high conductance plate of 18,000 S, which is consistent with the expected response of a massive sulphide body within a channel, while three holes tested areas of elevated soil geochemistry. The drilling showed either a number of layers, or one relatively thick layer, of pyrrhotite and pyrite with very little nickel detected. It appears that the high conductance plate was generated by the pyrrhotite.