PNG Nickel Project

LCL’s 100% owned, 3,400km2 portfolio of licences and applications, that form the PNG Nickel Project, are prospective for nickel laterite and high grade nickel sulphide mineralisation. To date four prospects (Veri Veri, Iyewe, Doriri and Olei Creek) have been identified within a 20km strike proximal to a major structure, the Keveri Fault.

A technical review of previous exploration, dating back to as far as the 1960s, in consultation with leading nickel expert Dr Martin Gole, has resulteed in the development of a distinct exploration model for high grade hydrothermal nickel sulphide mineralisation. The model explains how nickel sulphides and associated gold and other metals, are mobilised into structural zones, such as faults and shears. The nearest analogy to this style of mineralisation with a similar geological setting is the Avebury nickel deposit in Tasmania. Globally, hydrothermal nickel deposits are rare, Centaurus’ (ASX:CTM) Jaguar deposit in Brazil and First Quantum’s (TSX:FM) Enterprise deposit in Zambia are examples. However, LCL’s prospects are unusual due to the ultra-high nickel grades (up to 49% Ni) with associated gold (up to 13.7g/t Au) and molybdenum (up to 0.46% Mo). See announcement 4 October 2023. The Company confirms that it is not aware of new information that affects the information contained in the original announcement.

Creek float of massive nickel sulphide and garnierite (Ni – Oxide) 23.3% Ni, 10.6g/t Au Sample 5787