Mincor Resources Eyes Cassini Ore Reserve after Encouraging Nickel Hit
THE DRILL SERGEANT: Mincor Resources (ASX: MCR) has commenced an updated Mineral Resource for the company’s Cassini nickel sulphide deposit after recent diamond drilling yielded a further thick zone of high-grade nickel sulphide mineralisation.
Mincor Resources drilled an ‘up-wedge’ hole (MDD334w1) that returned a high-grade intercept of 8.1 metres at 5.7 per cent nickel that was encountered within a targeted 72m down-plunge gap situated between previously reported high-grade intercepts.
Mincor explained that MDD334w1 was drilled on the Inferred/Indicated Resource boundary within the current Mineral Resource envelope in the recently delineated CS5 channel.
The company said this new intersection is higher grade and thicker than currently estimated in the Resource block model and demonstrates the continuity, thickness and high grade nickel sulphides contained within the CS5 surface and clears the way for the completion of an updated Mineral Resource which will be used by the Operations Team to establish a Maiden Ore Reserve for the Definitive Feasibility Study (DFS).
The anticipates an Ore Reserve will be released as part of the DFS in the March 2020 quarter.
“The intersection from the up-wedge hole announced today is the icing on the cake of what has been a remarkably successful drilling campaign,” Mincor Resources managing director David Southam said in the company’s announcement to the Australian Securities Exchange.
“During this period, we’ve drilled six diamond holes, all which have been mineralised, with four of those intersecting very thick and high-grade nickel sulphides, which is an exceptional result by any measure.
“Our focus now turns to completing an updated Mineral Resource in November, building further on the last update in August.
“In the meantime, the exploration story at Cassini will continue to evolve.
“The diamond rig moves firstly to the adjacent magnetic anomaly and then the CS1 channel.
“Success at either of these locations could further open up the prospective horizon at Cassini along strike to the north and potentially further elevate the significance of this remarkable greenfields nickel discovery.”
Email: mincor@mincor.com.au
Web: www.mincor.com.au