Jackson Minerals is in a joint venture with Breakaway Resources Limited to advance its nickel sulphide project located in Kalgoorlie, Western Australia. Breakaway is funding exploration to acquire a 60% interest in Jackson's Nickel Rights.
The nickel project covers 700km2 of highly prospective ground in the Kanowna-Paddington region located adjacent to LionOre’s Black Swan nickel mine. The project contains 200 strike kilometres of ultramafic units directly related to those that host the Scotia (35,000t Ni) and Black Swan (135,000t Ni) deposits.
The project has a number of advanced to conceptual targets for komatiite hosed nickel sulphide deposits. The Golden Valley prospect is the most advanced target within the project with historical drilling identifying nickel sulphide grades of up to 8%.
Background
The Kalgoorlie Regional Nickel Project (KRNP) encompasses 700 square kilometres of Nickel Rights tenure and existing Jackson controlled tenure. Jackson negotiated a farm-in Joint Venture with LionOre Australia in early 2005 to source $6 million of exploration funding for 60% of this project. In July 2006 LionOre sold it's nickel exploration interests to ASX listed Breakaway Resources, and Breakaway (with ex-LionOre technical staff) have assumed the KRNP earn-in rights.
Over the last 30 years the project area has had very limited nickel exploration conducted. Within the project there are a number of prospects that contain nickel sulphide in drill intersections; such as 18.25m @ 0.6% Ni (disseminated sulphide) and 0.20m @ 8% Ni (massive sulphide) at Golden Valley. Work undertaken by LionOre and Jackson has delineated a number of targets, which are now being prepared for future drilling and general exploration. The area is highly prospective for nickel sulphides, comparing favourably to the Kambalda region. A total of thirteen nickel sulphide prospects are defined with the priority target being the Golden Valley prospect where over 2 kilometres of fertile ultramafics are present.
In looking for opportunities to grow the assets and value of the Company, Nickel as a commodity was regarded as a prime target for a number of key reasons:
- Extensive Nickel mineralisation is present in the Eastern Goldfields of Western Australia
- At current prices, Nickel companies are generating large profits from operations, making this commodity highly valuable.
- The Kalgoorlie tenements of the Company contain highly prospective nickel host rocks, and the general Kalgoorlie area is extremely under-explored for this metal.
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