Zeb Nickel reports new gold zone at flagship nickel project in South Africa 

Zeb Nickel (TSXV: ZBNI; US-OTC: ZBNIF) has discovered a new gold zone at its at its namesake nickel project located in Limpopo, South Africa.  

Two out of the eight drill holes from its recently completed program intersected high-grade gold, the company said. The gold zone is located adjacent to and beneath the nickel and platinum group element (PGE) mineralized zones of its flagship project.  

Highlights from the drill results that intersected gold included 29.3 metres grading 9.05 grams gold per tonne starting from 387.68 metres in drill hole Z029 and 4.9 metres grading 5.07 grams gold starting from 305 metres.  

“This new gold zone discovery adds another exciting element to the Zeb nickel project,” the company’s CEO Wayne Isaacs said in a press release. “These grades and thicknesses warrant follow up drilling on this gold horizon which we look forward to commencing shortly.”  

Located about 9 km northeast of the town of Mokopane in northern South Africa, the Zeb project contains one of the world’s highest nickel sulphide resources, analysts say.  

The project has a historical indicated resource estimate of 485.4 million tonnes grading 0.245% nickel and inferred resource of 1.1 billion tonnes grading 0.248%. In total, it has over 3.9 million tonnes of contained sulphide nickel.  

Results from the remaining drill holes confirmed the continuity of nickel mineralization and the presence of higher-grade nickel-PGE-bearing zone lithologies.  

“Historical drilling was largely focused on defining the nickel resource in the lower zone lithologies, and consequently, many of these historical holes stopped short of intersecting the lithologies that host the nickel-PGE mineralization, and potential gold mineralization,” said the company.  

Highlights from the drilling that intersected nickel included 144.03 metres grading 0.19% nickel starting from 63 metres in hole Z024; and 3 metres grading 0.22% nickel, 0.11% copper, 0.71 gram platinum per tonne, 0.25 gram palladium and 0.12 gram gold in hole Z023.  

The company aims to drill over 30,000 metres in 2022 and complete a new preliminary economic assessment in 2023.  

The latest announcement follows drill results reported from the same project in March. Highlights of those drill results included 2.3 metres grading 1.67% nickel, 0.51% copper, 0.21 gram platinum per tonne, 0.41 gram palladium, 0.03 gram rhodium and 0.06 gram gold starting from 412.75 metres in drill hole Z017; and 1.5 metres grading 0.69% nickel, 0.11% copper, 0.31 gram platinum, 0.67 gram palladium, 0.25 gram rhodium and 0.25 gram gold starting from 420 metres in drillhole Z027.  

At presstime in Toronto, Zeb Nickel was trading at 31¢ per share within a 52-week trading range of 15.5¢ and 75¢. The company has 54.8 million common shares outstanding for a market cap of $17 million.