The Nimy Resources Ltd (ASX: NIM) share price has been a standout performer on Wednesday.
In afternoon trade, the ASX mining share is up 33% to 24 cents.
Image source: Getty Images
Why is this ASX mining share rocketing?
Investors have been buying the nickel explorer's shares today following the release of promising drilling results from its Mons Project in Western Australia.
According to the release, diamond drilling of the two MLEM Plates in Block 2 at the Mons project has intersected a 54m mineralised zone of massive, semi massive and disseminated sulphide mineralisation containing pyrrhotite, chalcopyrite and pyrite from 118 metres.
Management notes that the massive sulphide intersections coincide with the modelled MLEM plate locations.
It will now push on with its downhole electromagnetic (DHEM) and fixed loop electromagnetic (FLEM) surveys, which are due to commence within a fortnight.
In addition, the ASX mining share advised that diamond drilling has started at Block 3, which is ~10km south of Block 2. This drilling program will test similar modelled conductive plates.
Nimy's Executive Director, Luke Hampson, appeared to be delighted with the news and called it a "game-changer" for the company. He said:
The intersection of 54m of substantial sulphide mineralisation is clearly a game-changer for Nimy. Importantly, the result is entirely consistent with the conductor plates we have modelled using geophysics. In light of this result, we are moving quickly to do DHEM and FLEM surveys to gain further understanding of the size of the intrusive and to locate related anomalies around and below the discovered sulphide zone.
