D’Aguilar Gold (ASX: DGR) holds 53% of AusNiCo (ASX: ANW), with D’Aguilar reporting AusNiCo has intersected 181 metres at 0.25% nickel from drilling at the Pembroke prospect, supporting extensions to the company's large low grade nickel sulphide mineralised system.
Another highlight was 21 metres at 1.04% copper, 2.09 grams per tonne (g/t) gold and 145 parts per million (ppm) cobalt.
The company would be encouraged by these results as they contribute to an increase in the area of nickel sulphide mineralisation at the Pembroke prospect where AusNiCo ultimately aims to delineate a substantial open pit development.
Nick Mather, Ausnico's managing director, told Proactive Investors "we are progressing to test for targets in the 50 metres 0.4% nickel plus deposit size at Black Snake plateau and are confident that we will find this at Mt Cobalt under the 100 metre thick drilled oxide we already have over 400 metres long and 250 metres wide."
Mather added that at the Pembroke prospect "we've been drilling where we've got frequent intersections from a few metres to 1% over intersections up to 0.25% over 118 metres. Importantly the sulphide is recoverable using float techniques.
"It also has the appeal of having low arsenic values."
The company has now completed a 2005 metre 13 hole reverse circulation drilling campaign at the project near Gympie in Far North Queensland.
The program moves AusNiCo closer to establishing the tonnage potential in the Blake Snake Region at Pembroke, Silver Valley and the nearby Mt. Clara/Mt.Coora prospect.
Other highlights include:
- 18 metres at 0.4% nickel from 62 metres, including 8 metres at 0.54% nickel;
- 48 metres at 0.4% nickel from 74 metres, including 22 metres at 0.62% nickel;
- 18 metres at 1.18g/t gold from 92 metres; and
- 12 metres at 0.39% nickel from 48 metres.
Ausnico is also drilling at the Ridleys prospect to the south where the company already has high grade nickel over 2% in a drilled oxide cap.
The D’Aguilar portfolio
D’Aguilar holds 35.2 million shares of Solomon Gold (AIM: SOLG), 52 million shares (33%) in Mt Isa Metals (ASX: MET), 58.85 million shares (53%) in AusNiCo (ASX: ANW) and 27 million shares (29%) in Navaho Gold (ASX: NVG).
D’Aguilar has a target of 20 listed assets within five years.