Fraser Range Base Metal Project

In January 2020, the Department of Mines, Industry Regulation and Safety (DMIRS) granted two exploration licences within the Fraser Range nickel province. These tenements represent two of the three S2 exploration licence applications that were awarded to S2 in a DMIRS ballot process. They are located 80 kilometres northeast of the Nova nickel mine and cover approximately 179 square kilometres.

S2 has completed geological prospecting and passive seismic geophysical surveys as well as an open file data search and a regional prospectivity review. This work confirms that the granted tenements straddle the regional gravity anomaly that forms the axis of the Fraser Range belt, and what is interpreted to be a prospective corridor containing mafic-ultramafic granulites with a number of occurrences of magmatic nickel sulphides.

Subsequent to years end, S2 completed a moving loop electromagnetic (MLEM) survey over tenement E28/2792, which has identified a discrete anomaly on the southeast flank of a magnetic eye feature. Modelling of the MLEM data indicates the presence of a highly conductive elongate body which dips steeply west over 160 metres and plunges moderately to the northeast for a distance of 800 metres, commencing at approximately 200 metres below surface. Very little is known about the underlying geology due to the presence of extensive transported cover, and potential sources of the anomaly include nickel sulphide mineralisation, barren (iron) sulphides, graphite bearing rock or even hypersaline water. A MLEM survey has been undertaken on the second granted tenement, with the results still being interpreted at the time of writing.

Diamond drilling of the conductor in E28/2792 will commence as soon as all drilling and heritage approvals have been received.