Estrella Resources skyrockets on massive nickel sulphide discovery at Carr Boyd

Estrella Resources Ltd (ASX:ESR) shares increased more than six-fold on news of a major nickel sulphide discovery at the flagship Carr Boyd project north of Kalgoorlie in WA. The company intersected 2.9 metres of massive nickel-copper sulphide mineralisation at the southern end of T5 Prospect in diamond core hole CBDD030 from 435.9 metres. This massive sulphide zone is surrounded by a broader 15-metre-wide zone of vein, stringer, matrix and disseminated nickel-copper sulphide mineralisation from 430.55 metres, with additional minor blebs and disseminated sulphides further downhole. The presence of high-grade nickel and copper mineralisation has been verified by site geologists using a pXRF gun and is by far the most extensive intersection away from the historic Carr Boyd Mine. Estrella shares were as much as 520% higher to 8.6 cents intra-day, which is a new high of more than three years. Highly significant discovery Estrella CEO Chris Daws said: “It is certainly an unprecedented time for all those involved with Estrella and the Carr Boyd Rocks Nickel-Copper Project. “Modern science, technology, belief and persistence has led to this highly significant discovery which is now beginning to unlock the true potential of T5. “The board of Estrella recently focused all of our shareholder funds and efforts into supporting the company’s flagship Carr Boyd Project. “The exploration team comprising Geolithic Geological Services, Southern Geoscience and Topdrive Drillers have been instrumental in this discovery, spending the last seven weeks on the ground setting up and drilling at T5. “All the hard work has now delivered this outstanding result which confirms the confidence that the company has had in the Carr Boyd Project.” “Bold move” Daws said that it was a bold move to drill deep holes well below the existing near-surface drilling. “Our work has resulted in this thick intersection of primary magmatic nickel sulphides, and Carr Boyd can now join an elite list of recent Western Australian nickel discoveries including the Golden Swan, Julimar and Mawson discoveries. “The company is still drilling our planned holes in the current program and our Phase IV HPMLTEM survey is also underway. “I look forward to seeing what we next uncover.” DHEM to be scheduled Diamond hole CBDD030 intersected the contact at a depth of 368 metres, was completely blind and is open in all directions, providing an opportunity to drill out and expand this zone of mineralisation This is a significant breakthrough in the development of the T5 Prospect which has been discovered after almost five years of work by the company The company plans to schedule a down-hole-electromagnetic (DHTEM) survey as soon as possible to survey this hole and further define the extent of this massive sulphide system.