THE BOURSE WHISPERER: Australian nickel miner Mincor Resources has added a further tenement package to its land-holdings in the Kambalda nickel district.
Mincor is acquiring the tenements from fellow ASX-listed Jupiter Mines through the execution of a Sale Agreement.
The acquisition comes at a total cost of $200,000, however it remains subject to a number of statutory and regulatory approvals before it can be completed.
Mincor is already the largest holder of nickel tenements in the Kambalda nickel district, where during an operating tenure of almost 11 years it has discovered an estimated 100,000 tonnes of nickel metal, and produced more than 135,000 tonnes of nickel-in-ore.
The latest acquisition adds some 56.4 square kilometres to Mincor’s landholdings in the southern part of the Widgiemooltha Dome.
The tenements are along strike of some of the most successful mines in Kambalda, including
Mincor’s operating Miitel and Mariners Mines and its former Redross Mine.
The company said the new tenements contain approximately 12 kilometres of the strike of the basal contact, which is a direct continuation of the key geological horizons that host the above-mentioned mines, themselves containing over 170,000 tonnes of nickel metal in mined and unmined mineral resources.
“The fertility of the ultramafic rocks on the new tenements has been confirmed by a number of nickel sulphide drill intersections achieved by previous explorers,” Mincor said in its ASX announcement.
“These intersections include remobilised low-tenor massive sulphides as well as disseminated nickel sulphides.”
Once the acquisition has been completed Mincor said the new tenement package will become an important part of its aggressive and well-funded Kambalda nickel exploration program.