NexMetals Mining (NEXM) said Wednesday its bulk sample metallurgical program at the past-producing Selebi Mines in Botswana indicated the possibility of producing separate saleable copper and nickel concentrates with cobalt.

The results indicate that an on-site smelter or hydrometallurgical facility may not be required, which could reduce capital requirements and operational complexity.

Initial recoveries included 87% copper, 55.9% nickel, and 64.7% cobalt. The bulk sample produced high-grade concentrates of 27.6% copper and 10.5% nickel with 0.59% cobalt.

Next steps include mineralogical studies to improve nickel recovery, batch tests on the Selebi Main and Selebi North deposits, and a concentrate quality assessment, with assay results expected in the coming weeks, the mineral exploration and development company said.

Shares of NexMetals were up more than 4% in recent trading.

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