Widgie Nickel Limited (ASX: WIN) has commenced a formal process and is engaging with potential offtake partners following recent exploration success to date and the significant interest in the lithium potential at its Faraday Lithium deposit in Western Australia.
The company has now received positive ithium assay results from a 71 hole Reverse Circulation (RC) programme for 2,062m completed at the Faraday Lithium deposit between 12 and 23 January 2023.
“This outcome is a resounding success for what is our first Lithium target. To now be drilled to a density ready for maiden resource estimation and primed for potential exploitation is a remarkable achievement for the team. With the immense potential we see this could lead to be a pivotal point in the company’s development,” Managing Director Steve Norregaard said.
“The next period will see accelerated development to get Faraday into a position whereby the Company can harness the shallow dipping broad mineralization. Working with our various technical advisers and consultants we aim to rapidly advance Faraday in what we see currently as a very unique opportunity in the lithium market.”
Drilling was aimed to infill around the previously announced higher grade results to help define an area within the much larger mineralized system, which showed strong potential to be amenable to mining as part of a short-term direct shipping opportunity. In addition to this, drilling was also then extended out on a 40m strike spacing to test the continuation of the spodumene bearing pegmatite.
Results to date are considered extremely promising demonstrating both the short and longer-term potential of the Faraday lithium discovery.
The drilling to date has only tested a small part of what is thought to be a much larger and extensive pegmatite system with drilling only down to 50m below surface and over 290m strike. With confidence growing in the orientation and lithium grades within the pegmatites, the company will now look to be more aggressive in undertaking wider spaced exploration drilling further afield to define the extent of the pegmatites.
Following significant interest in the project over the last three months, the company has engaged corporate adviser Longreach Capital to manage a formal process with interested parties.
Next Steps
The company now intends to:
Complete a material RC drilling campaign to test the potential of the broader system along strike (over 400m of outcrop untested) and at depth.
Continue infill drilling, where thought appropriate, to further understand the lithium endowment and controls.
Continue with metallurgical test work to assess overall ore recoveries comprising HLS (heavy liquid separation) in addition to ore sorting test work to investigate the potential of rudimentary upgrading of medium grade ore
to a premium DSO (direct shipping ore) grade.
Devise an appropriate mine plan and associated permitting activities to accelerate potential development.
For further information please visit: https://www.widgienickel.com.au/
