Armada Metals reports high Rhodium Grades at its Zimbabwe project
By Business Reporter
Minerals explorerpositive drilling results from its Bend Nickel Project in Zimbabwe
Says it has found rhodium potential at project, adding to the previously reported platinum and palladium
Australian minerals explorer Armada Metals has reported positive results for rhodium at its Bend Nickel Project in Zimbabwe, adding to previously reported platinum and palladium finds.
The announcement saw the company’s shares surge 32 per cent to $0.029, its highest level since mid-January.
“Armada Metals Limited is pleased to announce a further set of assays from the diamond drilling programme recently completed at the Bend Nickel Project, Zimbabwe,” the company said in a statement.
“The programme was planned to validate historical drilling results in and around the Bend Nickel Deposit. Three previous sets of results were reported in mid-December and January.”
The previous sets of drilling results established the presence of copper as well as high-grade nickel, including platinum and palladium.
Commenting on the latest drilling outcome Armada’s Managing Director & CEO Ross McGowan said: “This is another exciting new development in the unfolding story at Bend and these results support the previously released results for the project.
“Rhodium is a valuable metal with nearly 80% of the world’s supply coming from the Bushveld Complex, South Africa, just down the road from us.
“Results like this, while early days in the project cycle, support our plan to accelerate drilling at Bend and provide more confidence in what we believe is the potential for a real critical metals resource and future value.
“Bend is becoming a more compelling project as results come in and 2024 will be an exciting year for the Company as we assess its true potential.”
Armada Metals acquired an 80 percent controlling interest in the Bend Nickel Project in July last year from UK-based Reliant Nickel Limited.
Located in the Midlands Province of Zimbabwe, the Bend Nickel was discovered by Anglo-American Prospecting Ventures in 1971 and drilled in the 1990s, with notable nickel intercepts reported from these programs.