THE DRILL SERGEANT: Mincor Resources (ASX: MCR) released a healthy increase in the Mineral Resource for the company’s Cassini nickel sulphide deposit at Kambalda in Western Australia.
The updated Cassini Indicated and Inferred Mineral Resource comprises 1.254 million tonnes at 4 per cent nickel.
Mincor Resources said this represents an increase of 12,600 high-grade nickel tonnes.
Of note is that the addition of 269,000 tonnes of ore was delivered at a grade of 4.7 per cent nickel, increasing the average grade of the Mineral Resource from 3.8 per cent nickel to 4 per cent.
The company declared this confirms Cassini as one of the largest and highest-grade nickel deposits in the Kambalda district.
Over 86 per cent of the expanded Mineral Resource is now classified in the higher-confidence Indicated category, and is available for conversion to Ore Reserves.
Mincor’s total Kambalda Mineral Resource inventory now stands at 4.9 million tonnes at 3.8 per cent nickel for 187,900 nickel tonnes, with 84 per cent in the Indicated/Measured category.
The company considers the continued rapid growth in the Cassini Mineral Resource this year in terms of tonnage, grade and quality has vindicated its faith and confidence in the untapped exploration potential of this newly defined district within the Kambalda region.
“From a Maiden Mineral Resource of 18,700 nickel tonnes in August last year, Cassini has grown quickly into a substantial asset for our shareholders, one of the cornerstone deposits of our plan to restart nickel production at Kambalda and the most significant greenfields discovery seen in the district in over two decades,” Mincor Resources managing director David Southam said in the company’s announcement to the Australian Securities Exchange.
“Since our last Mineral Resource update in August 2019, we established a short-term plan to complete a bespoke drill program aimed at upgrading this beachhead resource for inclusion in the Definitive Feasibility Study – and we have more than achieved this outcome in just six drill holes, which is an exceptional return in terms of nickel tonnes by any measure.
“We like to think of it as extremely cost effective ‘nickel banking’.
“The last four drill intercepts in particular have been stand-outs and show that the CS5 surface is becoming both higher grade and thicker the deeper we drill – which bodes well for the future exploration of this and the other parallel channels from the planned underground workings to be established at Cassini.
“With 50,000 nickel tonnes now delineated and drilled from surface, we believe that Cassini displays the same characteristics of all large, long-life orebodies discovered and mined in the Kambalda region.
“What is particularly exciting is that it is the first greenfields discovery in the Kambalda region for decades on a newly identified contact.
“The updated Cassini Mineral Resource will now be incorporated into the ongoing Definitive Feasibility Study for our Nickel Restart Strategy, which we are planning to release in the March quarter next year, along with a Maiden Ore Reserve.”