World News – UA – Estrella Resources skyrockets on massive nickel sulfide discovery at Carr Boyd

Company shares peaked several years after detecting massive nickel-copper sulphide mineralization at the south end of prospect T5 in a diamond core hole

Shares of Estrella Resources Ltd (ASX: ESR) soared more than six times on news of a major nickel sulfide discovery at the Carr Boyd flagship project north of Kalgoorlie in the state of Washington

The company intersected 29 meters of massive nickel-copper sulphide mineralization at the south end of prospect T5 in the CBDD030 diamond core hole from 4359 meters

This massive sulphide zone is surrounded by a wider 15 meter wide zone of vein, vein, matrix and disseminated nickel-copper sulphide mineralization from 43,055 meters, with additional minor bubbles and more disseminated sulphides. far in the hole

The presence of high grade nickel and copper mineralization has been verified by site geologists using a pXRF cannon and is by far the most extensive intersection of the historic Carr Boyd mine

Estrella shares were up to 520% ​​higher at 86 cents intraday, a new high of more than three years

Estrella CEO Chris Daws said: “It is certainly an unprecedented time for everyone involved with Estrella and the Carr Boyd Rocks Nickel-Copper project

« Modern science, technology, beliefs and perseverance led to this very important discovery which is now starting to unleash the true potential of T5

« The board of Estrella recently focused all of our shareholder funds and efforts on supporting the company’s flagship project, Carr Boyd

« The exploration team of Geolithic Geological Services, Southern Geoscience and Topdrive Drillers were instrumental in this discovery, spending the last seven weeks in the field installing and drilling at T5

« All the hard work has now resulted in this exceptional result which confirms the confidence the company had in the Carr Boyd project »

Daws said it was a bold move to drill deep holes well below the existing borehole near the surface

« Our work has resulted in this thick intersection of primary magmatic nickel sulphides, and Carr Boyd can now join an elite list of recent Western Australian nickel discoveries, including the Golden Swan, Julimar and Mawson

« The company is still in the process of drilling the holes planned in the current program and our phase IV HPMLTEM investigation is also underway

The CBDD030 diamond hole intersected contact at a depth of 368 meters, was completely blind, and is open in all directions, providing the ability to drill and extend this zone of mineralization

This is a major breakthrough in the development of the T5 Prospect which was discovered after nearly five years of work by the company

The company plans to schedule a downhole electromagnetic survey (DHTEM) as soon as possible to study this hole and better define the extent of this massive sulphide system

The foregoing has been published by Proactive Investors Limited (the « Company ») on its website and is made available subject to the terms and conditions of use of its website (see T&C)

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ASX: ESR, Estrella Resources, Nickel, ASX, Copper