THE DRILL SERGEANT: Mincor Resources (ASX: MCR) announced the latest result from ongoing diamond drilling at the company’s Cassini nickel sulphide deposit at Kambalda.
Mincor Resources reported the drilling returned another exceptional high-grade nickel intercept of:
17.6 metres at 5 per cent nickel, including 13m at 6.1 per cent nickel.
The company explained it has interpreted the intersection to be within the CS4 channel and was encountered 115m down-plunge from the last reported CS4 intersection.
The intersect represents the first result from a discrete program the company has underway that is aimed at demonstrating the continuity of nickel sulphide mineralisation at Cassini.
Of note is that the intersection is down-plunge of the boundary of the reported Mineral Resource of 1.254 million tonnes at 4 per cent nickel for 50,400 nickel tonnes.
“What a great way to start the New Year with significant new drilling success at Cassini,” Mincor Resources managing director David Southam said in the company’s announcement to the Australian Securities Exchange.
“The CS4 surface has recently taken somewhat of a back-seat from the remarkable success we achieved with our drilling program in the December 2019 quarter surrounding the CS5 surface intersections.
“Today’s result shows that the CS4 surface could also extend significantly, with this intersection being 115 metres down-plunge from the last reported intersection.
“It is also our second highest value hole per metre (measured as intercept width multiplied by nickel grade) at Cassini.
“We have committed part of the proceeds from our recent $35 million capital raising to continue to invest in resource extension, resource development and exploration while we complete the Definitive Feasibility Study for our integrated Nickel Restart Strategy.
“The outstanding new drilling results reported today represent a clear vindication of this approach, demonstrating that our extensional drilling strategy at Cassini has the potential to deliver substantial success beyond our existing Mineral Resource which, at just over 50,000 high-grade nickel tonnes, is already one of the most significant new nickel sulphide discoveries in the Kambalda district in recent decades.
“The next sequence of step-out holes will be targeted in the CS5 and CS2 channels of Cassini through January and into early February 2020 while we finalise our nickel restart studies.”