That report has confirmed the priority target at the project is a 5.0 kilometre long conductivity anomaly that hosts the old nickel mine workings at Alpe di Laghetto, La Balma and Campello Monti and a parallel positive magnetic anomaly that appears to define the host rock for mineralisation at those old workings, the company said.
Importantly, Nyota has made applications to modify the licence areas that make up the project based on the results of the survey, but those applications remain pending. Nyota said it has been advised that requisite public consultation meetings will be held early in the second quarter of 2016.
Nyota plans to take the next step at Ivrea by computer modelling the data from the VTEM survey over that main Alpe di Laghetto target and by conducting possible ground geophysics on the ground to refine the target before beginning to design a drill programme and applying for the necessary permits.
However, Nyota said this work has been “postponed for the time being,” without providing a reason, but it is likely because of the pending licence applications or the potential board restructuring.
Nyota, which owns a 70% stake in the project, added that “no unnecessary new expenditure” was committed to Ivrea during the first quarter of 2016.