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Mincor Resources announces substantial increase in Cassini Nickel Mineral Resource

Mining News - Published on Thu, 25 Apr 2019

Image Source: SteekGuru
Mincor Resources NL announced an updated Mineral Resource for the Cassini nickel sulphide deposit at Kambalda, with the successful drilling strategy implemented in the March 2019 quarter delivering a 52% increase in contained nickel to 28,500 tonnes. The updated Indicated and Inferred Mineral Resource of 780kt at 3.7% Ni represents an increase of 9,800 high-grade nickel tonnes compared with the maiden Mineral Resource announced in August 2018, clearly establishing Cassini as one of the largest and highest grade nickel resources in the Kambalda district. With extensional drilling continuing ahead of a further planned Mineral Resource update towards the end of this quarter, Cassini is also continuing to emerge as a key pillar of Mincer's integrated nickel restart strategy in the Kambalda district following the recently signed offtake term sheet with BHP Nickel West.

Highlights

Cassini Mineral Resource increased to 780kt @ 3.7% Ni for 28,500 nickel tonnes

83% of the Cassini Mineral Resource now in the Indicated category, available for conversion to Ore Reserves

52% increase, or 9,800 nickel tonnes, from the previously announced Cassini Mineral Resource

Well executed drilling strategy during the March 2019 quarter with two diamond drill rigs working

Focus on building mining inventory following the recently signed offtake term sheet with BHP Nickel West

Next Mineral Resource update for Cassini targeted towards end of the June 2019 quarter

Cassini is now one of the largest and highest grade nickel Mineral Resources in the Kambalda district

Minor update to the Ken Mineral Resource results in the addition of 900 nickel tonnes

Total Mineral Resource inventory for Mincor now stands at 3.5Mt @ 3.6% Ni for 128,600 nickel tonnes with 84% in the Indicated category

Mincer's Managing Director, David Southam, said the Company's decision to accelerate exploration at Cassini during the March 2019 quarter had paid off in spades, with its well-executed diamond drilling strategy resulting in the addition of 9,800 high-grade nickel tonnes in a relatively short space of time. He said “This is a tremendous result which justifies our decision to increase the number of rigs operating with a focus on rapidly increasing the resource and testing extensions, particularly in the CS4 channel. Pleasingly, every parent drill hole and wedge intersected nickel mineralisation, demonstrating the continuity of the orebody, and most of these intersections contain massive sulphides. Since the exceptional intersection of 7.17m @ 11.49% Ni in hole MDD314, as announced to ASX on 17 December 2018, the Company has obtained five down-plunge intersections within the CS4 mineralised channel which have allowed us to generate this Mineral Resource Estimate update. Importantly, drilling at Cassini will continue through the June quarter with at least two diamond drill rigs as we target a further Mineral Resource update around the end of June 2019. The program at Cassini has gained pace since we signed the game changing offtake term sheet with BHP Nickel West on 19 March 2019, with our initial objective being to build a high-grade nickel resource inventory capable of supporting at least a 4-year mine plan. We also recently received the assay results from a small drilling program at Ken, and this has resulted in the addition of a further 900 nickel tonnes to the Mineral Resource. We are planning to commence a follow-up program at Ken late in the June quarter.”

Following the completion of the updated Cassini and Ken Mineral Resources, the total nickel Mineral Resources across Mincor's Kambalda tenements now stands at 3.5Mt @ 3.6% Ni for 128,700 nickel tonnes. The Cassini Mineral Resource now stands at 780kt @3.7% Ni for 28,500 nickel tonnes.

Source :

Posted By : Sanju Moirangthem on Thu, 25 Apr 2019
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