Sconi study delivers new nickel and cobalt targets

Australian Mines has identified 14 new nickel and cobalt exploration target areas within and adjacent to its Sconi project, near Greenvale in North Queensland.

Managing director Benjamin Bell said the company’s primary focus remained on securing binding offtake and financing agreements for Sconi.

However the new targets showed there was still a lot that it could do to add even more value to the battery metals project.

An independent study by SRK Consulting re-evaluated the company’s drilling data alongside digital mapping data sourced from the Geological Survey of Queensland and the latest Department of Natural Resources, Mines and Energy regional airborne magnetics imagery.

The analysis defined additional nickel, cobalt, and scandium mineralisation targets within and nearby the Australian Mines tenements.

Managing director Benjamin Bell.

“The new nickel and cobalt targets uncovered through the study we commissioned from international mining experts SRK Consulting, is a very positive development and indicates just how much untapped nickel and cobalt potential may still exist in and around Australian Mines’ current Sconi tenement package,” Mr Bell said.

“These new targets reinforce the exploration upside of the Sconi project, have the potential to deliver significant value to shareholders and to significantly extend the lifespan of the Sconi project beyond the current estimate of 30 years.”

The $1.4 billion Sconi cobalt-nickel-scandium project is expected to produce 1,405,000 tonnes of nickel sulphate, 209,000 tonnes of cobalt sulphate and 1441 tonnes of scandium over a 30-year project life.

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