Murchison Minerals Ltd (TSX-V:MUR, OTCQB:MURMF, TSX-V:MUR.V) said it has confirmed a ‘significant discovery’ at its HPM project within an emerging nickel-sulphide district in Canada.
It hailed the high-grade results from the BDF22-001 hole on the Barre de Fer Zone of the project that found mineralization along 130 metres (m) of the 404m drilled.
Eye-catching was the 18.05m section with an estimated grade of 1.86% nickel equivalent, or 5% copper.
READ: Murchison Minerals expands Barre de Fer zone along strike; intersects massive sulphide near surface
To put that latter figure into context, Sudbury in Canada is the highest grade copper mine in the world at an average grade of 8%, while Las Cruces, in Spain, is next at 5%.
While the comparison is merely illustrative, it reveals why Murchison management is getting excited.
It is worth noting too the key 18.05m section included an even higher grade 8.1m at 9.16% copper equivalent, or 3.41% nickel.
A further near-70m came in a more pedestrian 0.68% nickel or 1.83% copper equivalent – though even there were smaller, higher-grade portions.
Murchison CEO Troy Boisjoli called the release of the results a "momentous" moment for the company.
"The results confirm that the Barre de Fer Zone is a significant discovery within an emerging nickel-sulphide district in Canada," Murchison said in a statement.
He pointed out the near-surface discovery has been made in an area with advanced infrastructure located in a ‘premier global mining jurisdiction’.
“There is a scarcity of viable exploration and development stage projects needed to support the unprecedented projected demand in critical minerals,” Boisjoli told investors.
“As a result, Murchison is exceptionally well positioned to advance Barre de Fer towards its maiden resource, while continuing to develop and execute our exploration plans for future discoveries and growth at HPM."