(MENAFN- ProactiveInvestors - N.America) Stratum Metals (ASX: SXT) has identified several large scale nickel prospects on part of its East Menzies Goldfield project in Western Australia following a review of historical geochemical sampling data.
This follows on the company discovering three separate large electromagnetic anomalies ranging in size from 200 metres to 490 metres that show potential for nickel sulphide mineralisation from a first pass time domain electromagnetic survey.
The historical data shows anomalous nickel soil geochemical results of up to 1199ppm nickel located over parts of the seven prospecting licences that were recently awarded to the company.
These compare with the peak result of 337ppm associated with Sirius Resources' (ASX: SIR) Nova discovery.
Gold anomalism is also noted within the same data set.
"I am very excited to have identified these further targets. The fact the highest grade result is significantly higher than the soil anomaly associated with the Sirius Nova deposit is very encouraging and we plan to fast track exploration in the area," managing director Martin Holland.
Importantly for Stratum, which was initially attracted to the East Menzies Goldfield project by the significant gold potential, the results confirm the potential of the tenements to host nickel sulphide deposits.
The nickel soil anomalies are open in various directions and are only partially defined due to the limited soil sampling program that was undertaken. Review of past exploration reports is ongoing but has not identified any follow up work such as drill testing of these anomalies.
Stratum is continuing to compile and review information associated with past exploration while also considering the best approach to furthering exploration in this prospective area.
Short term work programs are expected to include additional soil sampling and EM survey programs.
The company is consolidating leases held by 11 different entities across 86 square kilometres in the goldfields
Capital raising
Stratum has reached a term sheet with Stellar Securities for a placement to raise up to A$2 million to fund exploration on the Menzies Project.
The company is offering sophisticated investor clients of Stellar up to 8 million shares priced at $0.25 each.
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