Resource Mining Corporation (ASX:RMI) to begin RC drilling at Kabulwanyele – The Market Herald
- Resource Mining Corporation (RMI) to Begin 18-Hole Reverse Circulation (RC) Drilling Program at Kabulwanyele Nickel Project in Tanzania
- Approximately 1000 meters will be drilled to test for the presence of massive sulphides underlying the laterite cover to increase RMI’s geological understanding of the area
- Drilling follows RMI’s sampling program where all samples returned over 500 parts per million nickel and 200 parts per million cobalt
- RMI expects the drilling to take around six weeks, with results expected another eight weeks later.
- RMI shares are down 31.7% and trading at 10.3 cents at 12:43 a.m. AEST
Resource Mining Corporation (RMI) will initiate an 18-hole reverse circulation (RC) drilling program at the Kabulwanyele Nickel project in Tanzania.
Approximately 1000 meters will be drilled to test the presence of massive sulphides underlying the lateritic cover in order to increase RMI’s geological understanding of the area.
The drilling will be undertaken by Amazon Mine Works who have arrived on site to prepare site access and drilling locations.
RMI expects the drilling to take approximately six weeks with results expected eight weeks later.
Drilling follows The RMI sampling program where 254 soil samples and 19 rock chip samples were collected at Kabulwanyele.
This work encountered very encouraging nickel and cobalt mineralization and delineated a nickel-cobalt anomaly that extends over two kilometres.
All samples returned over 500 parts per million (ppm) nickel and 200 ppm cobalt as well as up to 1.27% nickel.
“Having announced very promising nickel assays from a two kilometer strike through the Kabulwanyele target, where a nickel target was previously mapped, we are excited to now prepare the first drill program here,” said said President Asimwe Kabunga.
“At the same time, we are progressing with the acquisition of the Massive Nickel Pty Ltd project portfolio and expect to provide an update on our due diligence shortly.
“We therefore see Massive Nickel as a unique opportunity to create significant value
for RMC’s investors as we progress towards completing the acquisition and, ultimately, also commencing exploration activities on these quality targets.
RMI shares fell 31.7% and were trading at 10.3 cents at 12:43 a.m. AEST.