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Estrella Resources Limited (ASX:ESR) has announced the return of spectacular high-grade nickel sulphide intercepts on the completion of maiden drilling program undertaken beneath the 5A open pit at Spargoville.
The assay results at 5A target has exceeded the companyâs expectation, returning the best nickel sulphide intercepts the company has received in its 14years of experience in exploring nickel sulphide orebodies across Western Australia.
Moreover, the existence of cobalt mineralization and elevated platinum group has underscored one of the most vital development in the project.
Estrellaâs Chief Executive Officer, Mr. Christopher Daws stated that these nickel results returned from the companyâs maiden drilling program at 5A Spargoville outlines the best results in the history of Estrellaâs drilling. Mr. Daws further pitched that the outlook for nickel is bullish as there is a shortage in the supply of quality nickel stocks to the Electric Vehicle (EV) manufacturers and batter storage industry.
Nickel Rich project, Spargoville was acquired by Estrella in September 2017 through the purchase of WA Nickel Pty Ltd. The project is situated approximately 30 km south west of Kambalda, Western Australia. It has discovered and developed 1A, 5A, 5B, and 5D deposits since its acquisition which are considered to have significant high-grade nickel mineralization potential.
Going forward the company aims to collect the bulk samples from the drill spoils to conduct metallurgical test work. With the significant advances in metallurgical technology, the group is excited by the significant platinum group element grades, and the high cobalt price which have the potential to significantly enhance the economics of the project.
The company further stated that the recent interrogation of historic geophysical datasets has revealed the presence of several high priority EM targets, which will be targeted by future drilling. As per the statement, the update on its current geophysical targets will be provided once the interrogation process is completed.
Mr. Christopher Daws said that the current market soundings remind him a lot of the early stages of the nickel boom of 2007 and he certainly look forward to what the future has installed for Estrellaâs shareholders.
In todayâs trading session, Estrellaâs stock has been seen trading flat. It last traded at $0.020 and more than 48 million shares changed hand on 6 December 2018. Over the past one year, the stock of Estrella Resources Limited (ASX:ESR) has witnessed a negative performance change of 25.93% and in the past one month it has been down by 9.09%.
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