RICHMOND MINING Richmond footy club could have some more funds to throw around in its hunt for a permanent coach should an exploration program by Richmond Mining (RHM) for nickel beneath the Nullarbor Plain come up with the goods.
Named after the AFL club by non-executive director Jim Malone, a long-suffering fan and the footy club's chief executive between 1994 and 2000, Richmond is about to punch some eagerly awaited holes into its Loongana nickel prospect, 500 kilometres east of Kalgoorlie.
Malone slung the footy club some Richmond shares in its $3.5 million float in June 2008. So it is a case of fingers crossed for the team. While it hasn't enjoyed success on the ground in 2009, it might just find something to celebrate on the bourse.
The beauty of Richmond is its leverage to even a sniff of nickel at Loongana. That's because it only has 30.7 million shares on issue. The shares closed 1¢ higher on Friday at 16.5¢, valuing the explorer at all of $5 million.
It is still holding on to $3.1 milllion from the float, an achievement in itself. The initial five-hole exploration at Loongana is not going to cost a lot either, maybe $250,000. And it could be money well spent.
Loongana covers a buried mafic/ultramafic intrusion, the primary host rocks for various types of nickel deposits. Richmond's drilling program is to test five high-priority geophysical anomalies identified in the intrusion for nickel sulphides at depths of 300-450 metres.
It is the sort of "thrill or kill" exploration program that gets the juices flowing for investors in juniors. Apart from the program being a potential company maker, success would open up a new nickel province.
Failure won't be the end of the game, with Richmond having a portfolio of other exploration properties it is working up to the drill stage.