Timothy Lee | Mining...

Timothy Lee | Mining Analyst
[email protected]

Impact: Positive
Aston Minerals (ASO) provided an update on the initial petrographic
analysis of nickel-sulphide mineralization from the Boomerang Ni-Co
target at the Edleston project near Timmins, Ontario. The analysis has
provided further context to the nickel assays that have been received to
date, demonstrating that the nickel is dominantly contained in sulphide
minerals, including pentlandite but largely in the high % Ni minerals
millerite and heazlewoodite (Figures 1 – 3). In addition, partial vs. total
digest methods have demonstrated 93% liberation of Ni across all drill
holes to date. Overall, we view this as a positive for the company, as
this demonstrates that the nickel is contained in minerals that are
highly amenable to conventional extraction and processing.
• Increasing confidence that mineralization is associated with
conventional sulphide species. Petrographic analysis was conducted
on seven samples from two drill holes, DDED21-076, which targeted
the Bardwell area, and DDED21-075, located 3.5km to the north of
Bardwell along the Boomerang target. Importantly, no nickel alloys or
arsenopyrite was identified at the Bardwell portion of the Boomerang
target. The minerals identified at Edleston are commonly processed
and recovered from several other nickel mining operations including
BHP’s (ASX:BHP, Not Rated) Mt. Keith and Yakabindie mines. A 30kg
sample of mineralization from hole DDED21-076 has been submitted
to the lab for further met testwork, aimed to confirm a broader
distribution of nickel sulphide species, in-situ grain size analysis, and
conventional flotation testing. Highlights results from DDED21-076
included 0.52% Ni and 0.016% Co over 163.5m from 186.5m (Figure 4).
• Advantageous location; rich in geology and mineralization. ASO’s
sole project, Edleston, is located ~60km via road to the south of
Timmins, Ontario, close by to Kirkland Lake (TSX:KL, Not Rated) and to
significant former and current producers (Figure 5). It is also within the
Abitibi Greenstone Belt, which extends from north-eastern Ontario
and northern Quebec for >800km and is host to Archean metavolcanic
and metasedimentary units. The project’s lithology occurs in an
altered and sheared ultramafic that demonstrates extensive
silification and contains abundant quartz-carbonate veins, veinlets
and fracture fill. Mineralization is broadly distributed as pyrite occurs
in ranges of 3 to 5% with trace chalcopyrite and occasional visible gold.
Moreover, the geological model being applied to the Boomerang
target is analogous to the Dumont and the Crawford Ni-PGE-Co
deposits, and indicates that the Boomerang target is vast, extending
for a strike of 6,500m, width of 500m to >1,500m, and depth of >500m.
• Resource definition drilling of Bardwell to continue, targeting 1.2km
of strike. ASO will also continue to conduct other geophysical,
sampling, metallurgical, and exploration drilling work at other areas of
the project that consist of nickel of gold mineralization.
We do not yet provide a rating or target for Aston Minerals. However,
we believe that with the completion of the initial metallurgical testwork
and exploration drilling, a further re-rating of the stock is warranted.
Upcoming catalysts: 1) ongoing exploration work at Edleston (2022).