Perth-based Aston Minerals (ASX: ASO) has confirmed the Boomerang target within its wholly-owned Edleston project in Canada to be one of the world’s biggest nickel-cobalt deposits.
The company today announced a billion-tonne maiden resource estimate at the target, which comes just 18 months after exploration commenced.
The global resource sits at 1.044 billion tonnes grading 0.27% nickel and 0.011% cobalt – equating to 0.30% nickel equivalent.
It is based on 62 diamond holes for a total 28,001m of drilling and has a total of 2.82Mtof contained nickel and 115,000t contained cobalt.
The resource comprises an inferred 889Mt at 0.27% nickel and 0.011% cobalt (0.30% nickel equivalent) and an indicated amount of 155Mt at 0.28% nickel and 0.011% cobalt (0.31% nickel equivalent).
Maiden achievement
Executive chairman Tolga Kumova said the maiden estimate was a result of hard work by the Aston team.
“Finding and defining such a gigantic resource within 18 months is an incredible achievement by all involved,” he said.
“This deposit ranks as one of the largest undeveloped nickel-cobalt sulphide resources globally … these types of assets are very rarely held by junior explorers.”
He said Boomerang could potentially address a growing supply shortfall for raw materials in the electric vehicle market.
“The lack of exploration success in recent history with respect to the delineation of substantial nickel sulphide resources is a risk to the rapidly-developing electric vehicle market [and cannot] match the projected demand,” he said.
“We believe what we have discovered and delineated at Boomerang uniquely positions Aston to provide a large part of the solution.”
Read more: Small Caps 