Transcription of The Stock Network Interview with Nimy Resources (ASX:NIM) Managing Director, Luke Hampson
Lel Smits: It’s been a busy period for Nimy Resources, announcing high-grade gallium in the final holes at their Block III prospect in Western Australia. Also, large copper-zinc-gold anomalies at the newly identified Sneaky Squirrel and inking a deal with New York Stock Exchange listed M2I Global, a US-based advisory firm. Joining me for the latest is Nimy Resources Managing Director Luke Hampson. Luke, welcome back to the Stock Network.
Luke Hampson: Thank you, Lou. Good to be here.
Lel Smits: Now, you recently announced that your maiden resource is set for completion in the coming quarter with metallurgical test work and offtake discussions progressing and planning underway for a follow-up drill program. Can you outline your next steps here?
Luke Hampson: Yeah. In relation to the gallium at Block III, we just recently completed just under 6,000 metres of RC drilling, which was very successful.
We had 18 holes that had high-grade intervals in them. All holes were mineralised with gallium, so we’re very confident around the upcoming drill resource being successful, which is a bit of a milestone for us because we’re able to then articulate exactly what we’ve got in terms of grade and volume. Gallium is emerging in terms of people’s understanding of it and it’s still emerging in terms of people’s understanding of what’s commercial.
It’s very important that we get the JORC resource out there so people can start forming opinions on that. Further to that, the drilling revealed that it’s open, so there’s further exploration to be done up there to extend and increase that resource when it comes through. That’s the crux of it.
It was a successful drilling program. We’re on to a JORC resource, and then we think we can actually build on that from there.
Lel Smits: Excellent. Now, Nimy Resources also recently reported large copper-zinc-gold anomalies at the newly identified Sneaky Squirrel gossam prospect within your Mons project. What are the highlights of what you’ve uncovered here?
Luke Hampson: Well, firstly, I didn’t name it Sneaky Squirrel. Someone else did, so it’s hard to say, but it’s really promising.
We looked at some historic data there, which was just air-cooled holes. There were 4 air-cooled holes that had highly anomalous copper-zinc, and it only drew to 40m. We followed that up, had a look at the magnetics, located a ground magnetic survey that showed that there was a high magnetic peak underlying.
The next step, we went out there and had a look, and lo and behold, we’ve discovered gossamous outcropping. We tested that and got some highly anomalous copper-zinc values, in particular Zinc. That’s what you should be seeing in this sort of context because we do believe it relates to VMS, volcanic massive sulphide and mineralisation.
That was a bonus there, and then we decided that we would drill some test holes, if you like, and just see what was going on underneath there. I should say, at the same time, the rock chip sampling that showed us the copper-zinc in the gossams also came up with a hit of 0.8g per tonne Gold in a laminated quartz sample, buggy quartz indicating that at some point there had been sulphides in it. We followed that up on the ground as well and located a fair bit of quartz outcropping, which currently is in for assay.
The follow-up drilling was successful in as much as we identified the mineralised zones. There’s a lot of copper-zinc there, low-grade copper-zinc in and around, but there’s a continuous, if you like, underneath the gossam at the right everything else. Copper-zinc sulphide hits in all 4 holes.
It’s starting to make some sense and it’s coming together. In our initial modelling, we looked at Golden Grove, which isn’t that far in geological terms from us. It’s about 200km northwest of us.
We had a look at their gossam results and they’re very similar to what we were getting. We thought, there’s the model, we’ll just look at that and that’ll be the model that we proceed on. We’ve got a geologist in-house at progressing that.
The first thing was, yes, the gossams are indicative of being related to copper-zinc sulphide mineralisation. The drilling has said, yes, it is underneath there. We drilled 240m holes in each one of them.
We’re only at the top of it and we’re seeing a lot of zinc, which is what we should be seeing. It’s a really promising start. The magnetic suggests that it’s probably a 3km strike that we’ve got to explore, but it’s a really good start.
The Gold is a bonus there and I’m really interested to see what comes back from the surface rock chip sampling that we’ve done. Great to hear, Luke. I look forward to those further developments.
Lel Smits: Finally, Nimy has also announced a very strategic engagement with M2I Global, which is a US-based advisory firm, as part of your international growth strategy. Can you outline why this deal is important for the company, your gallium portfolio and also your high-priority global supply chain security initiatives?
Luke Hampson: Yes, it is really important and it’s timely. I think it comes at a time where there’s some confidence in what we’re doing around the gallium.
Certainly, heading towards a joke resource is a big step for us. M2I Global, there’s some expertise in there and there’s some people who really understand what’s going on the ground in the US. There’s quite a heavy ex-military presence and really a lot of the critical metal stuff has been driven by the US military, if you like, through the Department of Energy and the Department of Defence.
We’re looking to connect into that supply chain and there’s a lot of work to be done. I think anyone who’s looking at social media can see that M2I Global are really active and they’ve got a deep understanding of what’s going on there. We’re looking for a pathway.
We’ve established that we’ve got high-grade gallium. We’re going to have a resource. The next step to that is what market are we going to go into here? Bear in mind that the Chinese ban that came in late 2023 and it was reinforced, I think, late last year.
Gallium, at the moment, there’s no visibility around any supply. The Europeans are obviously hurting. Taiwan, Japan, South Korea, anyone who’s in that semiconductor space has probably got some issues around security of supply and the US is just as important as anybody else in that in terms of their need.
M2I Global, we first had contact with them probably six to 12 months ago in that time frame. What this agreement does is really formalise that foray into the US market. There’ll be more and more that comes of this, I think.
It’s a vote of confidence in what we’ve done so far that we’re making those connections.
Lel Smits: Absolutely. Great to see all of the news flow that you’ve had just even in the last month, an incredibly busy period, and look forward to seeing what’s up next for Nimy Resources. Thank you for outlining the highlights today.
Luke Hampson: Thank you, Lel. Plenty to come, I think.
Ends