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2.9¢ nickelx limited

@FriedBarbraThere are areas in which other explorers have...

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ProCapitalism

4,830 Posts.

1661

02/09/24

00:29

Post #: 75479084
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Originally posted by jantheiler: ↑

Might be a reasonable punt (at depth) for the price,
but I've been saying that for a while around here now and it's never paid off.

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Originally posted by ProCapitalism: ↑

(21) Activity | Peter Woods | LinkedIn

NickelX is going for gold with acquisition of the Penny South project - *

Penny Gold Mine – Ramelius Resources

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Originally posted by ProCapitalism: ↑

I don't believe I said the exact words, "NKL has a $1B asset" Where did I say that? It's a $1B asset, a. A resource that could stretch into NKL tenements. The part where I say "expansion of the resource is a possibility, so the upside here is easy to see". I then compared NKL to the resource. Perhaps I could have written it a bit better, I didn't have the time.
Your post on the other hand is very misleading, because if you take some time to read the ann again, you'll see there have been over 1000 drill holes completed, most of them are just RC drilling & no diamond drilling has been undertaken. So, you're claiming management is either incompetent or is misleading the market. I would strongly suggest you get some evidence before throwing around defamatory remarks like that.

So, there have been plenty of holes drilled, but at a shallow depth, not much lower than 42m.

If you look over the fence at the Penny North mine, much of the deposit is deeper than 100m below the surface. The majority of drilling on the NKL tenements is nowhere near that depth!! Only 18 holes out of more than 1000 holes are deeper than 100M & 7 holes are more than 200m deep.

So, I don't believe the exploration has been substantial enough to determine the true value of this resource. The NKL team will have to drill deeper than 42m & just looking at the above image, they may have to drill up to 300m below the surface.

Your post, on the other hand, is the most misleading one on this thread!

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Originally posted by ProCapitalism: ↑

Look at what Pete has to say about the project.

The way I see it, Ramelius (a $2.5B company) owns the Penny North mine just over the fence. If NKL can get some deeper drill holes completed & prove up the resource, there are three options available to shareholders.

1. Go it alone & develop a gold mine in direct competition with RMS, a $2.5B company.
2. NKL could approach RMS to undertake a JV for the project, so costs are shared.
3. RMS could buyout NKL itself or the project.

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Below are some of the drill results from Penny North & West.

Take note of the grades, the depths & remember, most of the historical AC drill results on the NKL tenements only go down to 42m.

RAMELIUS RESOURCES LIMITED (ASX:RMS) - Ann: Penny Gold Mine Update, page-1 - HotCopper | ASX Share Prices, Stock Market & Share Trading Forum

Originally posted by FriedBarbra: ↑

Thank you for this information GKeden it shows that this exploration tenement has had a lot of drilling completed on it already. Which begs the question, does the management here not know about this previous drilling, how could they not know if a non holding poster on here can dig it up in such a short time frame. And if they did know why have they omitted this historical drilling and results and essentially only talk about someone elses project over the fence. Looking at the historical drilling there is a lot and its closely spaced with some deeper holes so I am just not sure where exactly they plan to drill that hasnt been drilled already. Hopefully gets a few more sucked in come monday it may provide a good exit point. Aimoo dyor.

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@FriedBarbra

There are areas in which other explorers have neglected. So, the NKL team will need to sink a few drill holes deeper than 42m.

NKL Price at posting: 2.8¢ Sentiment: Buy Disclosure: Held
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