Financial report for the year ended 30 June 2023
Thank you to all shareholders who find themselves reading this, the Chairman’s Letter, in the second Annual Report since listing of Nimy Resources Limited. I would encourage you to read through the rest of the report, particularly the Operations Review on page 3.
Nimy is fortunate in that it has a large tenement holding (2,806km²) in a newly defined province with proven greenstone belts, mafic/ultramafic rock sequences and the hallmark of many important Nickel discoveries to the south and east of our ground, gossans. Within this geology we have shown that we have komatiite flows. Paradoxically we have a large tenement holding that really should be the province of an exploration major rather than a smaller exploration company. We are a nickel explorer and through the year we have improved our knowledge of the possible Ni sequences resulting in increasing grades though not yet economic widths. We have enough smoke – we continue to look for the furnace at the heart of this smoke.
We are a nickel explorer, and yet we find ourselves drilling pegmatites looking for lithium, drilling a carbonatite looking for rare earths and/or niobium and other metals, we have had numerous copper intersections (though not targeted) and we are on a larger trend that includes gold production to the North and South. Shareholders do not need me to advise them of the interest in the lithium and rare earths sector over the last 12 months and as a Board it would be remiss of the Company to ignore the potential of both of these commodities across our tenements as we seek better returns for shareholders.
We remain a long way from identifying all of the potential across our tenement package from north to south but have ongoing mapping and surface chemistry programs, coupled with aerial programs of VTEM and moving loop to provide this coverage.
As I write we have commenced a drilling program targeting the LCT pegmatites discovered and seeking areas of higher lithium concentration. This will be followed by drilling into two exciting EM targets for nickel out of 21 targets identified through Moving Loop and VTEM. All targets are high priority as success at any of them should result in a significant value uplift for the Company.
Any success will add to the overall value of our tenement package and it is pleasing to note that most tenements adjacent to our landholding which were vacant are now tenanted – testimony to the initial success we have had in identifying the potential of a new mineralised province in one of the Tier One Mining destinations in the world.
Nimy is not a lifestyle Company with a committed group of executives and staff with a desire to explore. To that end in the 2022/23 year we have achieved:
- 17,000m of R/C Drilling across nine separate targets, including.
- Six nickel exploration targets
- Two lithium exploration targets
- One rare earth target
- Heli – VTEM of the northern tenements – 2,417-line kms
- Across 6 separate blocks
- 31 total– EM targets identified.
- Moving loop EM (MLEM) conductors defined over three high priority VTEM targets
- Geophysical modelling of the EM conductors and planning downhole EM on R/C drill holes
- Surface Geochemistry – uncovering targets across the larger tenement area
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This announcement has been approved for release by the Board.