On Tuesday, Nimy Resources (ASX:NIM), an emerging minerals explorer primarily targeting nickel and lithium in Western Australia, reported a significant nickel-copper sulphide hit in its broad holdings, sending the company's shares up more than 26% for the day. The promising discovery comes from the company's Mons nickel project in the Karroun Hill District, where an initial RC drilling campaign has intersected 13m of massive sulphide mineralisation containing pyrrhotite, pentlandite, chalcopyrite and pyrite.
Nimy executive director Luke Hampson expressed excitement over the intersection of massive sulphide mineralisation in their first drill hole targeting conductive plates. Hampson stated that the intersections represent proof of concept in their search for massive sulphide mineralisation within their holdings, which cover an 80km strike of greenstone in over 2000 sq km.
According to InvestingPro data, Nimy Resources has a market cap of $105.8 million with a P/E ratio of 472.78. The company's revenue LTM2023.Q4 stands at $4.21 million, with a growth rate of 1.29 %. The company has been profitable over the last twelve months, with an operating income of $3.51 million and basic EPS of $0.02. The company's strong return over the last three months and year, as indicated by InvestingPro Tips, underpins the market's positive response to the company's operational updates.
InvestingPro Tips suggest that Nimy Resources operates with a moderate level of debt and its liquid assets exceed short term obligations, which is a positive sign for potential investors. For more insights and tips on Nimy Resources and other companies, visit InvestingPro.
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