Nimy eyes belt-scale nickel chance in the Yilgarn

The soon to be listed Nimy Resources isn’t tinkering around the edges of a known nickel belt in WA. It believes it might be sitting on a completely new one (reports The West Australian).
25th November 2021

The company holds a sizeable 1761sqkm patch of ground previously held by WMC in the Yilgarn district 140km north of Southern Cross.

The Mons project has sat in private hands for the past six years, with a focus on gold exploration.

However more recently, it has been recognised for its nickel sulphide potential given its geological profile of ultramafic volcanic Komatiite rocks similar to those found in Kambalda.

Nimy believes Mons could represent the northern extension of the rich Forrestania Belt, which hosts Western Areas’ Cosmic Boy, Spotted Quoll and Flying Fox mines.

The company has already identified 30 high-grade massive sulphide targets as well as large, lower-grade disseminated sulphide targets across six zones at Mons, which runs over 80km of strike in a north-south direction.

Nimy’s exploration program will begin with moving loop electromagnetic surveying and geochemical sampling followed by RC and diamond drilling next year.

While nickel’s price remains volatile, the metal is increasingly being recognised for its use in lithium-ion batteries as the electric vehicle revolution takes off.

Investor focus has been sharpened in recent months by the battle between mining giant BHP and WA mining entrepreneur Andrew Forrest over Canadian nickel play Noront Resources, as well as its addition to the critical minerals list by the US Geological Survey.

The company has been brought to market by Luke Hampson’s engineering firm Cloonmore, with the former Rio Tinto and Westrac manager retaining a 25 per cent shareholding and an executive director seat on the board.

De Grey Mining chairman Simon Lill is chairman, former Resources and Energy Group boss Christian Price is managing director and Stuart Peterson is chief geologist.

The stock will be tightly held with the top 20 shareholders accounting for 78 per cent of shares with a large portion of the issue held in escrow.

Its float was lead managed by Melbourne-based Raven Corporate Management, which provided Nimy with a large shareholder base on the East Coast.

Nimy will have about 120 million shares on issue for a nominal market capitalisation of $24m based on a 20c issue price.

The explorer is scheduled to debut on the ASX on Monday after raising $6m in an initial public offering.

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