LCL Resources (ASX:LCL) has begun a maiden field program at the Wedei target, part of itsPNG Nickel Project in Papua New Guinea, to determine the source of a 7km by 4km nickel stream sediment anomaly.
Wedei sits 20km northeast of the Veri Veri prospect and is considered prospective for nickel laterite and nickel sulphide mineralisation.
The $11.46 million market capitalisation company also reports today (13 March 2024) it has uncovered ‘high-grade’ nickel sulphides from a trenching program across the Veri Veri nickel sulphide prospect.
Results demonstrate nickel grades up to 3.24% Ni, and associated gold grades up to 0.9 grams per tonne.
Executive Chairman Ross Ashton says: “Our work at Veri Veri confirms that nickel-gold mineralisation in the PNG Nickel Project, interpreted as hydrothermal in origin, is unusual if not globally distinct.
We have commenced a detailed review of historical VTEM data to determine any geophysical signature from the mineralisation, that may focus location and azimuth of follow up trenching to investigate bulk mining potential of this novel mineralisation style at Veri Veri.
These studies can be applied to the design of exploration programs to test the Aniau, Iyewe, Doriri, and Olei Creek targets along the Keveri Fault.”
Assays from the Olei Creek, Iyewe, and other targets adjacent to the Keveri Fault zone will be available in April 2024.
LCL Resources holds about 3,890km-square of exploration titles in 5 regions of Papua New Guinea prospective for copper, gold, and nickel.
