Sightful Invest
  • Business
  • Investing
  • Politics
  • Stock
Top Posts
Flashback: Top five wildest moments from Elon Musk’s...
Less than half of DOGE-terminated contracts can be...
Jill Biden should have to answer for ‘cover...
DOGE staffing shakeup as Elon Musk hangs up...
State Dept says DOGE’s changes will be permanent...
President Trump teases ‘last day, but not really’...
Trump denounces court’s ‘political’ tariff decision, calls on...
I’m a physician and I’m worried that our...
Inside the late-night drama that led to Trump’s...
Alleged attempt to impersonate White House chief of...
  • Business
  • Investing
  • Politics
  • Stock

Sightful Invest

Investing

Acquisition of Penny South Gold Project, WA

by admin September 3, 2024
September 3, 2024
Acquisition of Penny South Gold Project, WA

NickelX Limited (“NickelX”, “NKL” or “The Company”) is pleased to announce that it has entered into a binding tenement sale agreement to acquire 100% of tenement E57/1045 known as the Penny South Gold Project.

HIGHLIGHTS

Binding Tenement Sale Agreement to acquire 100% of the Penny South Gold Project (E57/1045) to bolster West Australian Gold exploration portfolioPenny South Gold Project located in world class gold district and ~550m south of one of Australia’s highest grade producing gold mines1, the Penny West/North Gold Mine (“Penny”), owned and operated by Ramelius Resources Limited (ASX:RMS) (“Ramelius”):The Penny West mine produced 154,000t at 18g/t Au (89,000 Au) in the early 1990’s2.The initial Penny North deposit of 569,000t at 16.8g/t (306,000oz) was discovered by Spectrum Metals Limited and subsequently subject to a takeover by Ramelius for >$200M during 20203, with the deposit now being mined and extended.The Penny West Shear, which hosts the Penny deposits, continues south into the Penny South Project (E57/1045) with ~2.5km of strike contained in E57/1045.Average historical drill hole depth across E57/1045 is ~42m, with only 18 holes deeper than 100m and 7 holes deeper than 200m4 5, with no diamond drilling.Historic drilling within E57/1045 has encountered various significantly anomalous intersections of gold mineralisation5.Review of all available data to generate high priority drill targets underway.

Commenting on the acquisition Managing Director Peter Woods said:

“We are extremely pleased to have reached an agreement for the acquisition of the Penny South Project. The addition of this exciting gold exploration asset next door to one of the highest-grade gold mines in production in Western Australia, and in a district seeing current M&A activity, greatly enhances our existing portfolio. Given the minimal deeper drilling and lack of diamond drilling, it is the Company’s view there may be substantial value to be unlocked at depth and we are eager to execute a path forward to test the theory as the momentum for gold continues.”

Penny South Gold Project, WA

The Penny South Gold Project (E57/1045) (Map 1) lies only 550m south of Ramelius’ operating Penny West/North gold mine project (Map 2), which is estimated to contain 440,000t of ore at 22g/t Au (320,000oz Au) (“Penny”)6. NKL’s Penny South Gold Project captures a ~2.5km strike extension of the Penny West Shear immediately south of Ramelius’ Penny deposits, southern Youanmi Greenstone Belt (Map 3).

Click here for the full ASX Release

This article includes content from NickelX Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.

This post appeared first on investingnews.com

previous post
Cancellation of Trident Shares to Trading on AIM
next post
Prismo Metals Acquires Data and Updates Model for Hot Breccia Copper Project in Arizona

You may also like

Noble Minerals Announces Drilling Results from Noble Minerals-Canada...

October 31, 2024

Black Mountain Drilling Results: First Significant Lithium Intersections...

October 10, 2024

Successful Completion of Placement to Accelerate Clinical Programs

March 4, 2025

Top 5 Junior Copper Stocks on the TSXV...

April 17, 2025

Lode Gold Identifies New High Priority RIRGS Target...

October 15, 2024

Source Rock Royalties Declares Monthly Dividend

August 16, 2024

High Resolution Ground Magnetics Commences at 100% –...

March 4, 2025

Auking Wins Bid for Saudi Gold Exploration Licence

November 12, 2024

More High-Grade Gold Discovered in New Areas at...

October 24, 2024

Approval to Mobilise and Commence

October 16, 2024

Recent Posts

  • Flashback: Top five wildest moments from Elon Musk’s DOGE tenure as it comes to an end
  • Less than half of DOGE-terminated contracts can be publicly tracked, only about a quarter of grants: watchdog
  • Jill Biden should have to answer for ‘cover up’ of former president’s decline, White House says
  • DOGE staffing shakeup as Elon Musk hangs up his hat, White House confirms
  • State Dept says DOGE’s changes will be permanent amid Musk’s departure

    Become a VIP member by signing up for our newsletter. Enjoy exclusive content, early access to sales, and special offers just for you! As a VIP, you'll receive personalized updates, loyalty rewards, and invitations to private events. Elevate your experience and join our exclusive community today!


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Categories

    • Business (751)
    • Investing (2,211)
    • Politics (2,729)
    • Stock (4)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: sightfulinvest.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2024 Sightful Invest. All Rights Reserved.