Mincor Resources has returned another high-grade intercept from ongoing diamond drilling at the Cassini nickel sulphide deposit.
The new intercept, which yielded 17.6 metres at 5 per cent nickel on drill hole MDD339 is 115 metres from the last reported CS4 intersection, demonstrating the continuity of mineralisation at the site.
This discovery is extremely promising for Mincor’s planned 2020 nickel restart strategy, showing the potential for the CS4 surface to extend significantly.
Mincor Resources managing director David Southam said CS4 surface was the company’s second highest value hole per metre, measured as intercept width multiplied by nickel grade at Cassini to date.
Southam said after the CS4 surface has taken a backseat from Mincor’s success with the CS5 surface intersections in the December quarter, uncovering positive results very early into 2020 was momentous for the company’s restart phase.
“What a great way to start the new year with significant new drilling success at Cassini,” he said.
“The outstanding new drilling results demonstrate our extensional drilling strategy has the potential to deliver substantial success beyond our existing mineral resource.
“At 50,000 high-grade nickel tonnes, (it) is already one of the most significant new nickel sulphide discoveries in the Kambalda district in recent decades.”
While nickel has experienced high prices that led markets to look to other substitutes, the metal has proven resilient. Nickel experienced a 5 to 6 per cent annual growth during the last decade as it rediscovers its place in global urbanisation.
Mincor has also committed proceeds from the recent $35 million capital raising to also continue its investment in the Cassini resource, funding development and exploration, while completing the definitive feasibility study for its nickel restart strategy.
Drilling will continue throughout January into early February, targeting the CS5 and CS2 channels as Mincor finalises its nickel restart studies.