Aston Minerals: A New Billion-Ton Nickel Discovery in Canada

• Aston Minerals has discovered a large new nickel deposit in Canada with over 1 billion tons of resource defined in just 15 months since discovery. The deposit is open at depth with potential to grow.
• The nickel mineralization is hosted in high grade nickel sulfide minerals like pentlandite, millerite and hazelwoodite which allows for simple metallurgy and good recoveries.
• Initial metallurgical testwork has achieved 50-60% nickel recoveries to a concentrate grading 11-20% nickel using standard flotation methods. Further optimization work is planned.
• The company also has a new maiden gold resource defined at its Animal Stimp project which provides a secondary value driver. The gold could be spun out to unlock value.
• Aston is funded, with a strong shareholder register including major shareholder Tolga Kumova with 20% ownership. The focus for 2023 is further metallurgical work and engaging with potential partners.

About Aston Minerals

Aston Minerals (ASX: ASO) is an Australian mineral exploration company focused on nickel, gold, and other battery metals opportunities in Canada. The company is led by Managing Director Dale Ginn, an experienced geologist. Aston's flagship asset is the large-scale Eccles nickel-cobalt sulfide project, located in northern Ontario. The project was only discovered in late 2021 but has rapidly advanced to deliver a maiden 1+ billion tonne nickel resource in October 2022. Aston also holds the past-producing Edleston gold project in Ontario, which hosts a small maiden gold resource.

Interview with Dale Ginn, Managing Director of Aston Minerals

Massive New Nickel Discovery in Eccles

In just 14 months since discovery, Aston has delineated a world-class nickel sulfide resource at Eccles. Recent drilling totals nearly 30,000m and 600 holes, testing the mineralized ultramafic intrusive unit over 6km of strike. The maiden resource estimate stands at 1.04 billion tonnes at 0.27% Ni and 0.04% Co for 2.8 million tonnes of contained nickel and 400,000 tonnes of cobalt. Importantly, the deposit remains open along strike and at depth, with strong potential to significantly expand resources with further drilling.

According to Ginn, what makes Eccles stand out is the high-grade nickel sulfide mineralogy, dominated by pentlandite, millerite and heazlewoodite. These minerals indicate that the original low-grade disseminated nickel in the host rocks has been naturally upgraded into economic sulfide ores by geological processes over time. Metallurgical testwork to date shows that Eccles can produce clean, high-grade nickel concentrates above 10% Ni via simple flotation, suitable for feeding directly to nickel smelters.

Advancing Eccles to Pre-Feasibility

With the resource now defined, Aston is shifting focus to advance Eccles to a pre-feasibility study stage over the next 12 months. This will involve further metallurgical optimization, additional drilling to expand resources, and assessing various development scenarios. The sheer size of the deposit provides flexibility, with potential to support a multi-decade mining operation producing nickel concentrates to feed EV battery supply chains. The company has already received significant interest from potential partners, off-takers and acquirers.

Exploring Edleston Gold Extensions

While nickel is the main focus, Aston also plans to progress exploration at its Edleston gold project in 2023. Recent drilling has confirmed extensions of the known deposit, providing opportunity to rapidly add ounces to the project’s 15,000 oz maiden gold resource. Any exploration success at Edleston will complement the company’s core nickel strategy.

Strong Cash Position

With A$29M raised in mid-2022, Aston is funded to aggressively advance its projects over the next 12-18 months. The company has tight overhead costs and sufficient capital to complete all key upcoming activities at Eccles and Edleston. This puts Aston in a strong position to control its own destiny, while engaging with potential partners from a position of strength.

Conclusion

The rapid large-scale nickel discovery at Eccles places Aston Minerals at the forefront of new battery metals opportunities. With a billion-tonne maiden resource already defined, Eccles has demonstrated potential to be a world-class nickel project. Upcoming work programs will look to expand resources and fast-track the deposit to pre-feasibility stage over the next year. Supported by a robust cash balance, Aston is well-funded to maximize value from Eccles for shareholders as global nickel demand accelerates in the EV revolution. Edleston gold provides additional upside potential. Investors wanting leverage to new battery metals discoveries should take a close look at Aston Minerals.