Shares of Inomin Mines (TSXV: MINE) traded at its highest price in the last five years as the company reported new discoveries of nickel, magnesium and chromium at its Beaver nickel-cobalt property in south-central British Columbia.
Highlights of the drilling from the early-stage property included 175.26 metres grading 0.178% nickel, 93 parts per million (ppm) cobalt, 0.362chromium and 21% magnesium starting from 9.1 metres in drillhole B21-03; and 252 metres grading 0.164 ppm nickel, 99 ppm cobalt, 0.328 ppm chromium and 20.6% magnesium starting from 40.5 metres in drillhole B21-02.
In addition, drill hole B21-01 returned 649 grams silver per tonne and 0.287%copper in an interval of 3.1 metres starting from 56.6 metres, as well as 0.08% nickel, 129 ppm cobalt, 569 ppm chromium and 7.1% magnesium.
In all, the 2021 drill program consisted of five holes and covered 716 metres.
“The latest drill results are very significant as drilling has confirmed the discovery of substantial near-surface, magnesium, nickel and chromium open to extension in all directions,” John Gomez, the company’s CEO told The Northern Miner. “The objective of the drill program was to test for mineralization over a 5.7 km strike length to determine the presence of mineralization over a very large area.”
Inomin’s 100% owned Beaver-Lynx project is located about 20 km away from Taseko Mines’ (TSX: TKO; NYSE: TGB) Gilbraltar mine, which produced 112.3 million lb. of copper in 2021 and is one of Canada’s largest open pit copper mines.
The Beaver property is situated in relatively flat terrain and is accessible via roads throughout the year with hydropower and railroad facilities nearby. It is situated about 20 km south of Lynx, which has similar geological properties, the company says. Last year, the company acquired additional mineral claims to combine the two properties.
The property was previously explored for gold by previous owners, said Gomez. While gold was found, drilling intersected “considerably more nickel,” the CEO added.
“At the time (2012-2013) the price if nickel was much lower than today. The mineral claims eventually came open and we staked Beaver and the nearby Lynx property. I was attracted to property because of attractive past drill results that intersected long intervals of nickel and cobalt mineralization.”
In the coming days, the company intends to complete more drilling at Beaver and explore the nearby Lynx property which, according to Gomez, has “larger mineral exploration targets.” He is also considering to bring in a partner to assist the company advance the project.
The company also holds the La Gitana and Pena Blanca gold-silver properties in Mexico.
At presstime in Toronto, Inomin was trading at 37¢, up 252% or 26.5¢. The company has 28.5 million shares outstanding for a $10.5 million market capitalization.
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