The S&P/ASX 200 Materials Index (ASX: XMJ) is sliding 0.95% today, but this ASX mining share is bucking the trend.
The Western Mines Group Ltd (ASX: WMG) share price is soaring 269.57% at the time of writing to 42.5 cents.
Let's take a look at what this ASX 200 mining share reported to the market.
Nickel discovery
Investors are buying up Western Mines shares after the company announced the discovery of a "significant nickel system".
Nickel can be used in lithium-ion batteries for electric vehicles (EV).
Assay results were reported for deep hole MTD023 at the company's Mulga Tank Nickel, copper and platinum group elements (PGE) project in Western Australia.
The results showed "multiple broad intersections" of nickel sulphide mineralisation.
This included:
- 78m at 0.28% nickel (Ni), 131ppm cobalt (Co), 70ppm copper (Cu), 32ppb platinum (Pt) and palladium (Pd) 118m including
- 20m at 0.38% Ni, 137ppm Co, 57ppm Cu, 45ppb Pt and Pd from 176m and
- 306m at 0.26% Ni, 130ppm Co, 47ppm Cu, 24ppb Pt and Pd from 402m and
- 221.5m at 0.25% Ni, 116ppm Co, 68ppm Cu, 23ppb Pt and Pd from 794.5m including
- 11.5m at 0.37% Ni, 134ppm Co, 75ppm Cu, 43ppb Pt+Pd from 794.5m and
- 88m at 0.44% Ni, 151ppm Co, 85ppm Cu, 38ppb Pt+Pd from 1,212m
The results affirm the presence of an "extensive magmatic nickel sulphide mineral system" within the Mulga Tank Ultramafic Complex, Western Mines said.
Commenting on the results, Western Mines managing director Dr Caedmon Marriott said:
The hole validates our geological model of the complex and really demonstrates a significant working nickel sulphide mineral system with huge volumes of mineralised ultramafic magma.
It could well be a pivotal hole for the company, with these assay results confirming the visual observations of extensive disseminated nickel sulphide mineralisation.
The company will continue to update shareholders as drilling at the site continues.
Western Mines share price snapshot
The Western Mines share price has soared 70% in a year. In the last month, the company's share price has risen 117%.
This ASX mining share has a market capitalisation of about $17.4 million based on the current share price.
