LCL Reports High-Grade Nickel Sulphides at PNG Nickel Project

Project Name: PNG Nickel Project

Project Location: Papua New Guinea (PNG)

Project Stage: Advanced Exploration

ProjectBank Summary: LCL Resources Ltd (ASX: LCL) has reported significant exploration results from its 100%-owned PNG Nickel Project. The recent reconnaissance field program at the Iyewe Prospect has revealed high-grade nickel sulphide outcrops with assays up to 15.78% Ni from outcrops and 19.17% Ni from float samples. Additional reprocessing of VTEM geophysical data has identified several high-priority anomalies at Iyewe and between Veri Veri and Iyewe, associated with new nickel sulphide discoveries. The field team has completed a 180m trench across the Veri Veri shear corridor, with assay results expected in February.

LCL Resources Highlights:

• Reconnaissance field program results:

  • 16 samples collected at Iyewe, with 10 samples assaying >5% Ni and 5 samples assaying >10% Ni.

  • High-grade results include 15.78% Ni from outcrops and 19.17% Ni from float samples.

• Geophysical data reprocessing:

  • High-priority geophysical anomalies identified at Iyewe and between Veri Veri and Iyewe.

  • Additional assessment commissioned to generate further targets over the historical VTEM survey area.

• Ongoing exploration work:

  • Trenching completed across the 180m wide Veri Veri shear corridor, with assay results pending.

  • Focus on follow-up work on new nickel sulphide discovery at Olei Creek.

MD/CEO Statement: Jason Stirbinskis, Managing Director of LCL Resources, commented: "We are impressed by the growing number of high-grade nickel sulphide outcrops and VTEM targets emerging within the >20km strike between the Veri Veri and Olei Creek Prospects, each proximal to the Keveri Fault. We also note the coincidence of multiple VTEM anomalies with the high conductivity east-west trend. This trend is interpreted to be overlain by younger volcanics and sediments. Our recent capital raise will allow us to focus exploration expenditure on the emerging PNG Nickel Project, with drilling targeted for the April to June 2024 quarter."