A$5 Million To Help Fund Lennard Shelf Programme
High-grade nickel explorer Albion Resources Limited (ASX:ALB) has begun trading on the ASX following the successful completion of the oversubscribed A$5 million IPO.
Albion’s asset portfolio is underpinned by the high-grade Zinc-Lead Lennard Shelf Project, located in the world class Mississippi Valley type Zinc-Lead province, the Lennard Shelf, approximately 30 km southeast of Fitzroy Crossing in the Kimberley, Western Australia.
Albion, Executive Chairman, Colin Locke, said that despite hosting significant historic mines, Pillara (19.3Mt @ 7.8% Zn + 2.6% Pb) and the Cadjebut Trend (16.4Mt @ 8.9% Zn + 5% Pb), regional exploration in the Lennard Shelf Province has been largely overlooked since the late 1980’s.
The Lennard Shelf Project, comprising four sub-projects, covers an expansive area of ~393 sq. km and contains comparable geology to Pillara and the Cadjebut Trend. Work done by Albion to date has assisted in defining prominent ENE trending structures, interpreted to be the control of the zinc-lead mineralisation. With highly anomalous geochemical samples and historical drill intercepts, such as 4.6m @ 5% Zn and 30.5% Pb from 53.3m, positioned on these ENE trending structures, the Company has numerous prospects that warrant drill testing.
The company also holds the Leinster Project, an exploration licence application for 42 sq. km along strike from Auroch Minerals Horn Ni-Cu discovery in the world class nickel region of Leinster in Western Australia. In December 2020, Auroch Minerals announced grades peaking 4.09m @2.41% Ni, 0.61% Cu and 0.55g/t Pd from drill hole HNDD001.
Mr Locke said data compilation across the Leinster Project has highlighted the limited drilling at depths below 100m, despite drill-indicated nickel mineralisation from shallow historic drilling.
“With Zinc now firmly in the spotlight, approaching multi-year highs, and compounded by the recent Rumble discovery, we are very excited to commence exploration across our highly prospective Zinc-Lead Project in the Lennard Shelf, WA,” Mr Locke said.
“The high-grade potential of the Lennard Shelf Project is significant; previous explorers reported rock chips up to 40% Zn, drillhole EPP11 assayed 4.6m @ 5% Zn and 30.5% Pb and the tenure is surrounded by historic world class Zinc-Lead mines at Pillara and in the Cadjebut Trend.
“The Board and its highly experienced technical team look forward to the challenge of delivering a discovery for our shareholders.”
