Drilling at Block 3 discovery set to start in March; The resource will help drive Nimy’s strategy to supply gallium to the US under its agreement with critical metals specialist M2i.
Nimy Resources Limited (Nimy or the Company) (ASX: NIM) is pleased to announce that it is on track to establish a maiden JORC Resource at its WA gallium discovery after raising $1.150 million from sophisticated, professional and otherwise exempt investors to fund a follow-up drilling program.
Funds raised from the Placement, together with the Company’s existing cash reserves, will be used to undertake a 22-hole program at the high-grade Block 3 gallium discovery, where Nimy has already outlined extensive mineralisation and for general working capital purposes.
Nimy aims to establish a maiden JORC Resource at Block 3 as part of its strategy to advance its collaboration agreement with US minerals specialist M2i Global. M2i specialises in the development and execution of a complete global value supply chain for critical minerals for the US Government and US free trade partners. Samples from the upcoming drilling will be used for metNIM161 text
allurgical test work, including technical studies to test gallium extraction methods.
Nimy Managing Director Luke Hampson said:
We believe we have an outstanding gallium discovery at Block 3 which will be in strong demand as the US seeks to source critical minerals from outside China. The proceeds of this placement will enable us to extend drilling at Block 3, progressing our strategy of establishing a maiden gallium JORC Resource. This will in turn play an important role in advancing the collaboration agreement with M2i Globalto supply gallium into the US market”.