A-Cap Energy (ASX: ACB) reports that it has successfully achieved phase 2 of the second earn-in milestone for the Wilconi Nickel Cobalt Project in Western Australia.
The second earn-in milestone, as part of the company’s joint venture with Wiluna Mining (ASX: WMC), has increased the company’s interest in the project from 20% to 55% after investing a total of $5 million into the project.
Addressing the update, A-Cap’s Chief Executive Officer, Dr Andrew Tunks, said: “The Wilconi Project is well positioned to answer the world’s growing call for nickel and cobalt, two critical minerals which are vital components for up to 90% of the batteries most commonly used for electric vehicles.
“The Wilconi Project is well positioned to answer the world’s growing call for nickel and cobalt”
Wilconi has a massive resource that has several key benefits; it is flat flying close to surface providing low-cost mining, it lies within a granted mining lease and is close to excellent infrastructure in Western Australia, one of the world’s premier mining jurisdictions.”
The company also notes that this milestone follows a major JORC Mineral Resource Estimate upgrade for the deposit that consisted of 11,000m of RC drilling in March this year, producing 660,000 tonnes of contained nickel and 46,400 tonnes of contained cobalt.
In addition, a completed 31-hole diamond drilling program conducted in January has aided in advancement for a Pre-Feasibility Study in order to develop a nickel-cobalt laterite operation to supply crucial materials to the global electric vehicle market.
The Wilconi Project is located approximately 700km from Perth in Western Australia, comprising exploration licences and mining leases that are co-owned by A-Cap Energy and Wiluna Mining.
With phase 2 of the earn-in complete, ACAP announces that it is committed to completing multiple studies including infill drilling, metallurgical testwork, geochemical, hydrogeological and geotechnical studies over the coming months to enable completion of the upcoming PFS.
A 12,000m combined RC and Diamond drill campaign has been scheduled to commence next quarter to convert Inferred resources into Indicated and Measured categories.
Images: A-Cap Energy Limited