from livewireNIMY RESOURCES (NIM):This space normally avoids...

from livewire

NIMY RESOURCES (NIM):

This space normally avoids IPOs because more often than not the vend is too big, the people aren’t right, and the projects offend moose by being best described as moose pasture.

But every now and then, one comes along that looks to have the right ingredients.

One of those was Nimy Resources (NIM), mentioned here on October 15 when it was in the process of raising $6.5m from the issue of 20c shares.

Of particular interest was Nimy’s Mons nickel-copper project, 140km north of Southern Cross in WA.

It was of interest because it covered a lightly explored 80km northern stretch of the Forrestania nickel belt with the potential for both ultra-mafic hosted disseminated nickel and massive komatiite-hosted nickel.

That Nimy has had early success in the northern chase is reflected in the stock now trading at 50.5c for a market cap of about $55m.

That share price strength includes an 11.5c or 29% gain in Wednesday’s market in response to the second diamond drill at the Godley prospect within the Mons project area intersecting a 438m thick zone of ultramafic and mafic rocks containing nickel and copper sulphides.

It follows on from a previous 275m nickel and copper mineralised intersection in the first diamond drill hole. No assays yet but certainly encouraging enough to get cracking with a downhole electro-magnetic survey to zero in on where some high-grade action might be.

It is a good time to be generating some nickel and copper excitement. Nickel is still at dream prices after retreating from the crazy levels seen in early March when a mighty short-squeeze played out on the London Metal Exchange, while copper continues to trade at record levels.