Many of the * faithful will have fond memories of some great nickel discoveries here in the West over the last 30 years or so including the Cosmos Nickel Project (Jubilee Mines Ltd – 1997) in the Yilgarn and more recently the Nova-Bollinger Ni-Cu-Co Project (Sirius Resources Ltd in 2012) in the south-west (Albany Fraser Range).Dundas Minerals (ASX
UN) (figure 5) looks like they have stumbled on some elevated copper-nickel-cobalt-silver mineralisation while drilling a long drop (or bush dunny to the uninitiated).(JFC – a toilet, then.)We have all heard the medical advice for over 50s after ripping one off to “look behind you”, however the reason we do that in mineral exploration is to see what is at the bottom of the hole.Turns out the Rotary Air blast “dunny hole” returned (table 1) some elevated grades (using a portable pXRF machine) from 17 metres downhole coincident with a 450 metre long AMT anomaly (audio magneto tellurics for the great unwashed).Fortunately, this was identified before the dunny commissioning. I am not sure about the claim of massive sulphides however the rocks are at least blebby and disseminated, look like ultramafics and are full of sulphides so that is a good start.What this metal assemblage means and how extensive the mineralisation remains to be seen is unknown, however I like the address, and the look of the rocks.Figure 6: Central Prospect at the Dundas Project showing drill collars and AMT contours (Source: DUN ASX Announcement, 26 September 2022).Table 1: Significant pXRF results from the Central Prospect RAB drilling program (Source: DUN ASX Announcement, 26 September 2022).Figure 7: Central AMT anomalies (low resistivity, high conductivity) (Source: DUN, ASX Announcement, 16 March 2022).The company is due to receive assays on these two RAB holes shortly and is now in the process of RC and diamond drilling some of the AMT targets at the Central Prospect (figure 7).Obviously the proof will be in the assays however at an enterprise value of $36 million (undiluted), circa $2.5 million in cash and 14 million in the money options to fund exploration over the next 6-9 months, the company remains in good shape.DUN could be quite a ride in the short to medium term.Spare a thought for former DUN geologist Mike Northcott (who was marginally less disgraceful than me at Adelaide University) who recently retired and was last seen eating kale and doing pilates in Byron Bay.He might need to return and lay claim to a discovery before the year is out… At RM Corporate Finance, Guy Le Page is involved in a range of corporate initiatives from mergers and acquisitions, initial public offerings to valuations, consulting, and corporate advisory roles.He was head of research at Morgan Stockbroking Limited (Perth) prior to joining Tolhurst Noall as a Corporate Advisor in July 1998. Prior to entering the stockbroking industry, he spent 10 years as an exploration and mining geologist in Australia, Canada, and the United States. T
