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WIN - Widgie Nickel

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Bought into this one yesterday.

I like that they are looking to start up a low cost mine( Armstrong) for early cash flow.

Early cash flow in the junior end of the market is a rarity.

Plenty of other irons in the fire as well, as per Bas’s posts above, lithium being one
 
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A few new announcements from Widgie

1) Fast tracking exploration on the Lithium deposits at Faraday. Obviously think there is another big dollar in this site
2) Updated presentation at Mining explorers conference

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Widgie Fast-tracks Faraday Li2O Deposit for DSO Opportunity (PDF 6,130.8 KB)
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RIU Explorers Conference Presentation (PDF 6,306.0 KB)
 
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Results are in for the Lithium exploration. Looks very commercial. They seem to think they will begin operations by the end of the 2023. Will be interesting to see how the punters view it


Key Highlights

 Maiden independent Faraday lithium Mineral Resource Estimate (MRE) of 481,000t @ 0.59% Li2O (0.30% Li2O
cut-off) in Southern Starter Pit location to a maximum depth of 65m

 High grade core of 106,000t @ 0.87% Li2O defined (at 0.80% Li2O cut-off)

 Fast-track work streams continue to prove up DSO opportunity:
o 106,000t @ 0.65% Li2O (0.30% Li2O cut-off) Indicated resource defined by 10m by 10m drill spacing
o Initial mineralogy completed on select samples indicates that spodumene is the dominant lithiumbearing
mineral present
o Metallurgical testwork confirms robust upgrade and ability to produce saleable concentrate
o Ongoing discussions with potential offtakers and industry participants
o Fast tracked DSO starter pit design commenced. Faraday is a potential low-cost mining operation with
minimal strip ratio due to shallow outcropping resource

 The Faraday DSO pit is expected to be production-ready in the second half of 2023

 The Faraday Lithium Project resource remains unconstrained
. Field mapping confirms Faraday pegmatite
extends 300m to the north of maiden MRE envelope, more than doubling the potential strike extent of the
maiden Faraday Mineral Resource
 Aggressive drilling program commenced to grow the Mineral Resource and to upgrade the remainder of the
MRE to Indicated status

 Lithium activities are consistent with Widgie’s strategy to create value for shareholders by commercialising our
expanding mineral inventory which now contains a pipeline of lithium and nickel sulphide development
opportunities

Managing Director and CEO Mr Steve Norregaard commented “Widgie’s lithium is now for real. In just a few months from
November 2022 to now be declaring our maiden lithium resource demonstrates Widgie’s resolve to capitalise on the strong
demand fundamentals for battery metals. This is just the beginning of a growth story, as we roll our sleeves up to realise
value for shareholders in the short term, we have also got our eyes firmly focussed on expanding our lithium vision for the
Company and its future.

“The Faraday Lithium Project has all the hallmarks of a very low-cost development able to be commercialised in the near
term. Interest in the DSO from industry participants is growing rapidly and we expect to provide updates on this in the
coming quarter”.


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Maiden Resource Proves Up Faraday DSO Starter Opportunity (PDF 2,858.7 KB)
 
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Have to say I am surprised at the market response to the Lithium maiden drilling results . Seems as if people are selling on the outcome.
 
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Further drilling results at Widgie Soth. As usual all looks great. It will be really interesting to see the financial results when/if they start turning ore into nickel. They have the infrastructure . Lets see some mining :)

Widgie South Nickel Exploration Success
Highlights

• Nickel mineralisation confirmed outside of current “Widgie South” resources including:
 Discovery of a broad, near surface, nickel mineralisation at Widgie Townsite

 A highly prospective corridor between Gillett and Gillett North and below the northern end of the current resource demonstrates mineralisation remains open down dip and down plunge.

 Drilling has also increased the confidence of the Widgie Townsite and Widgie 3 deposits, that will aid future mine planning and evaluation
.

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Widgie South Nickel Exploration Success (PDF 2,137.6 KB)
 
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Now working on two projects, lithium and nickel but price is still "slip sliding away". I've put WIN on the reversal watchlist as price seems to be holding at this level (0.27 - 0.32). If it goes below 0.25 I'll be no longer interested.
 
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Price struggling near 0.25. Now in a trading halt pending news of a capital raise.
 
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They have raised $12 m to continue exploration and development of their Lithium and Nickel assets.
They have a new major shareholder on board. Naturally it is registered in the Cayman Islands.:cautious:

A bit of fluff from WIN promoting their quality new shareholder and promising projects.

 
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Not sure what happened with the link to Widgies announcment. Lets try again

High Grade Nickel Results at Munda

Highlights
• High grade nickel mineralisation intercepts include:

MEDD026 12.46m @ 2.05% Ni from 329.6m*
Incl. 6.06m @ 3.20% Ni from 336.0m*
MERC163 1m @ 4.35% Ni from 59m*
MERC167 6.12m @ 4.39% Ni from 246.25m*
Incl. 2.55m @ 7.08% Ni from 249.45m*

• Exploration success with basal nickel mineralisation discovered 200m to the east of Munda deposit:
MERC259 6m @ 0.81% Ni from 115m*
Incl. 2m @ 1.12% Ni from 115m*


• Reinterpretation of Munda 3D geological model highlights parallel high grade mineralised shoots not previously identified
• Munda mineralisation is desirable ore source being low in Arsenic**
• Mineralisation remains open at depth
* All measurements quoted are downhole (Estimated true widths range from 40% to 70% of the downhole intercepts).

 
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Those are reasonable numbers, now all they need do is determine how large the deposit is.

IDH
 
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Further expansion of Lithium deposits at Mt Edwards. They are talking up a JV deal in the near future. Doesn't seem to have inspired the market at this stage.

New Lithium Discoveries Position Widgie for Resource Growth

Key Highlights
• Exploration drilling north of the Faraday Lithium Deposit unearths a new near surface lithium prospect - Trainline

• At Faraday, 80m step out drilling to the west downdip demonstrates mineralisation continues at depth

• Drill results indicate strong potential to increase lithium Resources# at the Mt Edwards Project

• XRD analysis reports spodumene* as the exclusive lithium bearing mineral

• Following submission of the Faraday Mining Proposal offtake discussions are rapidly advancing
 
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I was a bit lazy with the last post. There were some decent results.

Widgie Townsite Grows Legs – High-grade Nickel Hits

Highlights
Significant nickel mineralisation intercepts at Widgie Townsite confirms:
 High-grade nickel discovery on Eastern Limb of Widgie Townsite Syncline
 Drilling to deliver increased Resource confidence for future mining studies at Widgie Townsite
 High grade continuity at Widgie Townsite extends at depth
 New Eastern Transitional mineralisation identified


• Significant nickel intercepts include:
Eastern Limb
MEDD069 29.0m @ 1.66% Ni from 79m
Incl. 5.0m @ 3.23% Ni from 88m


Widgie Townsite
MEDD061 30.85m @ 1.59% Ni from 435m
Incl. 13.43m @ 2.74% Ni from 449.7m
And 3.36m @ 3.27% Ni from 471.3m


23MERCD039 14.0m @ 2.73% Ni from 509m
Incl. 11.03m @ 3.19% Ni from 511m


23MERCD038 1.04m @ 5.49% Ni from 479.6m
Eastern Transitional

23MERCD039 43.0m @ 0.69% Ni from 65m
23MERCD038 22.0m @ 1.02% Ni from 36m
 
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Quarterly report came out today. Summarises 18 months of drilling results very well. The addition of a Lithium prospect which can be commercialised in short order is icing on the nickel cake.

Widgie Nickel June 2023 Quarterly Report
Highlights

• Advancing the value from both the lithium and nickel assets at the Mt Edwards Project, with the lithium DSO mining and offtake opportunity approaching fruition and a more substantial nickel project shaping up.
• Successfully completed a strongly supported $12 million placement to fund the continued growth and development of the Mt Edwards Project.


Lithium

• Mining Proposal lodged for the Faraday Direct Shipped Ore (DSO) lithium mining operation, with approval expected shortly.
• Exploration drilling directly north of Faraday unearthed a new near surface lithium prospect post-quarter, the Trainline prospect, underpinning strong potential to increase lithium resources.
• Offtake discussions for the DSO product progressed positively during the Quarter and are nearing the final stages.


Nickel
New significant nickel discovery south of the existing Gillett Resource, proving that mineralisation continues in an area previously considered “closed off”:
23MERCD017 30m @ 1.17% Ni, 0.14% Cu, 0.03% Co, 0.04 g/t Au, 0.11 g/t Pd, 0.09 g/t Pt from 214.0m
inc 5.0m @ 2.07% Ni, 0.29% Cu, 0.06% Co, 0.13g/t Au, 0.25g/t Pd, 0.22g/t Pt from 214.0m
and 11m @ 1.57% Ni, 0.18% Cu, 0.05% Co, 0.03g/t Au, 0.10g/t Pd, 0.11g/t Pt from 232.0m
• High-grade nickel results at Munda including:
MEDD026 12.46m @ 2.05% Ni from 329.6m
Incl. 6.06m @ 3.20% Ni from 336.0m
MERC163 1m @ 4.35% Ni from 59m
MERC167 6.12m @ 4.39% Ni from 246.25m
Incl. 2.55m @ 7.08% Ni from 249.45m

• Significant nickel Mineral Resource upgrade targeted for the current half on the back of these strong results.

• Armstrong deposit nearing development ready status, however Widgie will now also consider an alternative of incorporating Armstrong as part of a more substantive integrated nickel mining operation.

 
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New report today on flotation tests undertaken on the Lithium deposists. Seems very promising in terms of being able to easily separate the Lithium.

Faraday Metallurgical Testwork - Excellent Flotation Response

Highlights
• Flowsheet development test work has achieved 81.0% lithium recovery to a 6.3% Li2O flotation concentrate.

• Faraday mineralisation has been shown to respond well to heavy liquid separation and at finer sizing by direct flotation after removal of magnetic particles and slimes.

• Elevated grades of rubidium (up to 0.7%) have been determined in some process streams with an association to potassium.

• Widgie continues to progress final offtake discussions for Faraday, following lodgement of mining proposal with DMIRS in May.
Managing Director and CEO Mr Steve Norregaard commented:

“This excellent metallurgical response confirms the favourable mineralogy of Faraday mineralisation, and is an important further step in the commercialisation of this valuable resource. Grade is one thing, but the ability to easily liberate the desired lithium mineral from your ore is as important. Widgie is increasingly confident of generating significant value from Faraday. Our eyes are currently fixed on the short-term DSO opportunity, and these results will verify our discussions with DSO offtake partners, while also informing longer term potential.”
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Faraday Metallurgical Testwork-Excellent Flotation Response (PDF 1,083.4 KB)
 
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The Faraday Lithium project proposal has been approved. Off take agreements are being negotiated. Be interesting to see the figures on the proposal.

Faraday Mining Proposal Approved
Widgie Nickel Limited (ASX: WIN) (“Widgie” or the “Company”) is pleased to advise the Department of Mines, Industry Regulation and Safety (DMIRS) have conditionally approved the commencement of mining operations in accordance with the plans submitted for the proposed mining operation at the Company’s Faraday lithium deposit.

Commenting on the milestone, Steve Norregaard, Managing Director said;
“Widgie has met a further key project milestone for the Faraday Project and within 12 months of first stepping on the ground we now have a shovel ready mining project.

The Widgie team’s lithium aspirations are nearing reality. The team and its consultants have done an amazing job in getting the fast-tracked Faraday development to this point. Achieving the ambitious timeframe for such an important milestone demonstrates the company’s resolve and desire to realise value for shareholders”.

The Company advises that approval has been given subject to two key conditions precedent being met, namely;

A. Completing a flora survey within the disturbance envelope with the results being provided to DMIRS prior to the commencement of any developmental or productive mining or construction activity; and
B. A clearance as prescribed under the Aboriginal Cultural Heritage Act 2021 over the proposed footprint is obtained for the purposes of mining as opposed to exploration.

The Company can advise that an appropriately skilled botanical consultant, Botanica Pty Ltd, has been engaged. Botanica is familiar with the project environment and is available to carry out the survey expeditiously.

The native claimant group covering the project area, the Marlinyu Ghoorlie people, and their consultant anthropologist Terra Rosa, have committed to a survey commencing in mid-August.

The Company is highly appreciative of the ongoing cooperation being extended by all the various stakeholders and government bodies alike.

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Faraday Mining Proposal Approved (PDF 309.7 KB)
 
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Early days and proper assays yet to made.
However..
Exceptional 132N Massive Sulphide Hit

Highlights
• Exceptional nickel mineralisation uncovered at 132N whilst continuing Resource definition drilling.

 23MERCD112 returns Portable XRF readings of up to 26.5% Ni
 Consistent nickel sulphide mineralisation within 23MERCD112

 23MERCD112 laboratory assays expected in September 2023

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Exceptional 132N Massive Sulphide Hit (PDF 2,385.2 KB)
 
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