Thread by @equivestinvest

🧵The #nickel #exploration success rates by #ASX companies are better in 2022 than the commonly cited 1/1000.

We counted 53 exploration campaigns that focused on new exploration targets. No appraisal, resource drilling.

Of these, 70% were maiden exploration.

2/5
30% of the companies drilled historical discoveries/mines. Not suprisingly these yielded no significant results.

Maiden exploration: 15 found no mineralisation, 13 only occurence, but we also had 1 discovery. Yet to be confirmed as significant.

3/5
From the 53 projects only 5 drilled in the favourable tectonic setting and had quality geochemical/geophysical anomaly support.

These are the targets we should be drilling more! Results are still pending from #S2R and $ADD in this group.

4/5 Lessons learned:

1⃣ Despite capital flow into industry. We are drilling few quality targets per year.
2⃣ Applying simple set of geological principles eliminates 90% of the current targets.
3⃣ We need more quality maiden drill campaigns in the industry.

5/5 Note: data used is imperfect and was extracted from press releases. I also asked the twitter followers to list nickel exploration projects that they followed last year to cross check.

If you know of agencies/individuals keeping stats pleae let me know🙏