Impact: Positive
Aston Minerals reported an updated Mineral Resource Estimate (MRE) for the Boomerang Ni project within its 100%-owned Edleston property in Timmins, Ontario. The updated MRE outlined an I&I resource with ~1.3Bt at 0.30% NiEq for 8.4B lbs NiEq (at a 0.265% NiEq cut-off grade). The total resource represents a ~21% increase in tonnage and contained metal from the Feb/23 MRE, with a 44% increase in the Indicated resource. In our opinion, this is a positive update for Aston, further expanding and upgrading the MRE at Boomerang with the results of their infill drilling at Bardwell and step-out drilling at B2. Notably, with a comparable cut-off grade, the size of the resource at Boomerang is now about on par with that of Dumont. We look forward to seeing Aston continue to de-risk Edleston with the advancement of metallurgical test work, which is planned to feed into a scoping study.
