Materials

Widgie Nickel up 38% on strong nickel core results

Mon 27 Jun 22, 1:22pm (AEST)
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Key Points

  • Latest assay results from Widgie Nickel’s drilling activities at Mt. Edwards return evidence of high nickel grades
  • Latest results come from Gillett North; new mineralisation discovered at adjacent Gillett target in May
  • Company is up over 41% YTD

Widgie Nickel (ASX:WIN) has confirmed high-grade nickel mineralisation at its Gillett North target within the company's Mt. Edwards Project. 

The first batch of exploration assay results have been received by Widgie's geos, with evidence of a significant sulphide deposit noted in downhole electromagnetic surveys. 

Between the Gillett and Gillett North targets, mineralisation is perceived to extend for 1.15km; both targets are themselves within the larger 'Widgie South' area. 

A 3D render of the interpreted mineralised body on-site
A 3D render of the interpreted mineralised body on-site

Company planning next stage of drilling 

The resource estimate for Widgie South is listed at 70,800 tonnes of Nickel (a combination of Indicated and Inferred) across three deposits. 

The overall Mt. Edwards project resource base has an estimate of 168,150t nickel. 

Results from the most recent drillhole announced today will be used to inform a further exploration plan for the Widgie South portion of Widgie's acreage. 

Previously unrecognised mineralisation at the Gillett target was first hit by drills in May earlier this year. 

Strong performer 

Widgie Nickel has been a strong player through a tumultuous 2022 with year-to-date (YTD) performance up 41.67%. 

Year-on-year, Widgie is up 70% and up 28.3% in the last week alone. 

The company has a market cap of $85m. 

As at 31 March 2022, the company held $19.9m in cash and spent $301,000 across the first three months of the year. 

A look at Widgie's three month charts
A look at Widgie's three month charts

 

What did Widgie Nickel find at Gillett North?

Widgie has today highlighted some significant interceptions from its MERC225 drillhole at Gillett North, part of the larger Mt. Edwards project. 

Undervalued Equity notes that high grade nickel is considered anything over 2%.

Widgie’s larger intersections reported today mostly exceed 2%. 

  • 12 metres @ 3.4% total Nickel (Ni) from 200m depth 

  • 18m @ 4.69% Ni from 246m depth 

  • 2m @ 1.26% Ni from 277m depth 

 

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Written By

Jonathon Davidson

Finance Writer

Jonathon is a journalism graduate and avid market watcher with exposure to governance, NGO and mining environments. He was most recently hired as an oil and gas specialist for a trade publication. Email Jon at [email protected].

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