Posted on 06 Dec 2023
Australian miner LCL Resources says it secured firm commitments to raise AUD 3 million ($1.98m) through a placement to professional and sophisticated investors to advance its Papua New Guinea (PNG) nickel project.
According to a company statement, with the placement proceeds, the next phase of LCL’s fieldwork will include further mapping and trenching at the Iyewe and Veri Veri prospects; re-interpretation of historical geophysics data; and potential tight-spaced new generation geophysics over priority targets.
“Our technical team will now get to work to put LCL in a strong position to undertake LCL’s first ever drill testing within the PNG nickel project, where we have to date reported high-grade nickel and gold grades at surface,” comments managing director Jason Stirbinskis.
Over recent months, the company has been consolidating a contiguous, regional position of tenements capturing Papuan Ultramafic Belt (PUB) lithologies. This now totals 3,400 square kilometres and forms the PNG nickel project, which is considered prospective for high-grade nickel sulphide and nickel laterite mineralisation, Kallanish notes.
To date, three nickel sulphide prospects – Veri Veri, Iyewe and Doriri – have been identified within a 10-km strike proximal to a major structure, the Keveri Fault.
In late July, the company reported that it had confirmed the source of high-grade nickel sulphide float (up to 45.8% nickel) in Veri Veri Creek, identifying a 200-metre wide mineralised corridor within PUB lithologies.
Source:Kallanish
