Inomin Mines Inc. [MINE-TSXV] reported previously unreported significant magnesium grades from historical 2014 drilling on the 100%-owned Beaver property. The Beaver property is in British Columbia’s Cariboo region 15 km east of Taseko’s Gibraltar copper mine.
Highlights include drill hole BN14-23 that reported 100.6 metres at an average grade of 21.5% magnesium with 0.14% nickel. These holes were drilled in the Skelton and Ring zones – not drill tested by Inomin in the 2021 drilling campaign – as well as the North Lobe zone. The historic results, combined with the newly released 2021 drill results, demonstrate that high-grade magnesium mineralization is widespread at Beaver.
The 2014 drill core is on the property and additional sampling will be completed on these holes during the upcoming 2022 field season. Refer to company website for complete assays.
John Gomez, president, stated, “These unreported, high-grade, magnesium results from drilling by a previous operator, plus the company’s 2021 drill results, confirms Beaver’s potential for hosting, in addition to large volumes of nickel, extensive high-grade magnesium. We are in the unique position of having high-grade magnesium and potentially a lot of it – a great combination.”
Inomin’s inaugural 2021 drilling program encountered significantly greater magnesium than past drill programs. Exploration results include the longest mineralized hole ever drilled at Beaver, and the first-ever drilling in the Spur zone. At Spur drill-hole B21-02 intersected 252.1 metres grading 20.6% magnesium and 0.16% nickel. Drill-hole B21-03, located approximately 600 metres south, returned 175.26 metres grading 21.0% magnesium and 0.17 nickel, starting just 9.14 metres from surface.
Magnesium and nickel prices have tripled and quadrupled respectively since the 2014 drilling programs at Beaver. Furthermore, Canada’s 2022 budget, released last week, has earmarked $3.8 billion to implement the country’s first critical minerals strategy, to ramp-up the extraction and processing of key minerals, including nickel, lithium, cobalt, and magnesium.
Initial exploration and metallurgical studies at Beaver area in 2013-2014, including geophysical surveys and diamond drilling programs, demonstrated the property’s potential to host large volumes of near-surface, Class 1 sulphide nickel and cobalt, amenable to conventional extraction methods.
The Beaver-Lynx project is situated in relatively flat terrain and easily accessible via all-season roads, as well as a network of forestry roads providing access to most of the property. Other important nearby infrastructure includes electricity (hydro-power) and railroad.