A-Cap Energy Limited has begun a 10,000m reverse circulation (RC) drilling program at its Wilconi Nickel Cobalt Project in Western Australia to convert current indicated resources to measured resources. In addition, the company plans to complete approximately 2,000m of large-diameter (PQ sized) core holes to contribute to the resource /reserve definition and collect more samples for ongoing metallurgical studies. Following a 11,000m RC infill drilling program in 2021 and a 1,490m diamond drilling program in January, A-Cap upgraded Wilconi's JORC Mineral Resource Estimate (MRE) in March 2022, reporting 660,000 tonnes of contained nickel and 46,400 tonnes of contained cobalt for the project1.

New drilling will target the shallowest and highest-grade part of the giant orebody to provide additional data for the project's Pre-Feasibility Study (PFS) for the development of a Ni-Co laterite operation to supply critical materials to the global electric vehicle market. In June, A-Cap increased its interest in Wilconi from 20% to 55% after fulfilling phase 2 of its second earn-in milestone as part of its Joint Venture with Wiluna Mining. A-Cap's 11,000m RC drilling program completed in January was focussed on the shallower, higher-grade portions of the Wilconi resource and permitted 32% of the resource to be upgraded from inferred to indicated categories i.e. 29Mt (indicated) of the total 90Mt resource (indicated + inferred).

This drilling enabled an update of the Mineral Resource Estimate (MRE) to JORC 2012 compliancy.