Scandium explorers: There’s not many of them but this company made a spectacular find
Nick Sundich, March 15, 2023
Scandium is not a common mineral that ASX explorers prospect for. But WA-focused nickel-copper explorer Golden Mile Resources (ASX:G88) just stumbled across some significant intersections at its Quicksilver project.
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What is Scandium?
Scandium is a transition metal that is used for several purposes including alloys for the aerospace industry, solid oxide fuel cells and specialised lighting.
The US government classifies it as one of 35 so-called ‘critical minerals’. It is a rare mineral in Australia, however.
Geoscience Australia estimated in 2018 that there were 12.14kt in Ore Reserves spread across just four projects in the Eastern States – three in NSW and one in QLD.
However, scandium is more common as a by-product and this is the case at Golden Mile Resources’ Quicksilver project.
Scandium is at Golden Mile’s Quicksilver project
Golden Mile reported significant intersections including wide high-grade zones at >100 ppm (parts per million).
It reported the results were near the surface, widespread and contained within the same footprint of the existing nickel-cobalt resource.
Shares rose over 30% this morning, representing perfect timing for those who have already participated in the company’s current rights offer.
Golden Mile Resources (ASX:G88) share price chart, log scale (Source: TradingView)
Quicksilver has an Indicated and Inferred Resource of 26.3Mt @ 0.64% nickel and 0.04% cobalt containing approximately 168,500 tonnes of nickel metal and 11,300 tonnes of cobalt metal.
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