Auroch and Goldfellas Pty Ltd operate the recently acquired Nepean Nickel Project as a joint venture with Auroch holding an 80% participating interest and Goldfellas the remaining 20%.
The Nepean Nickel Project contains the historic high-grade Nepean nickel sulphide mine, which was the second producing nickel mine in Australia, producing 1,108,457t of ore between 1970 and 1987 for 32,202t of nickel metal at an average recovered grade of 2.99% Ni.
In addition to the remnant high-grade nickel sulphide mineralisation, the project also hosts significant exploration upside. Much of the ultramafic strike to the north remains untested, and very little deep exploration beneath the existing mine has been conducted. Auroch believes there is great potential to both increase the resources at depth and to discover new mineralisation along strike of the historic mine.
3,500m RC drill programme currently underway designed to test the extents of shallow near-mine mineralisation, as well as several aeromagnetic targets along the 10km of prospective strike at Nepean which have very high potential to host further significant nickel sulphide mineralisation.
Early results have revealed an extension to the existing shallow high-grade nickel sulphide mineralisation for at least 500 meters with best intersections including:
3m @ 3.70% Ni & 0.33% Cu from 91m, including 2m @ 5.09% Ni & 0.47% Cu from 91m
1m @ 5.57% Ni & 0.25% Cu from 60m
2m @ 3.02% Ni & 0.30% Cu from 55m
3m @ 1.35% Ni & 0.10% Cu from 40m
Historical drilling intersected very high-grade nickel sulphide mineralisation with shallow reverse circulation (RC) drill-holes along strike to the south of the existing Nepean mine and resources, including:
3m @ 11.78% Ni from 37m (NP084470-2)
3m @ 9.93% Ni from 49m (NP084480-1)
4m @ 6.63% Ni from 46m (NP084470-1)
6m @ 2.82% Ni from 53m (NP084490-1)
The nickel sulphide mineralisation in the Nepean mine is typically massive to semi-massive sulphides with a very high nickel tenor, contained predominately in two main bodies that are located on ultramafic-mafic contacts. The stratigraphy is intruded and cross-cut by pegmatite veins, with one large pegmatite cutting across the entire stratigraphy at depth below the existing underground mine.