MCR 0.78% 65.0¢ mincor resources nl


  1. 22,691 Posts.

    Wannaway discovery for Mincor

    Michael Quinn

    Wednesday, June 30, 2004
    MINCOR Resources has enjoyed good exploration success at its Wannaway nickel mine near Kambalda in Western Australia.

    Two holes recorded significant nickel mineralisation around 45m below the current mine workings – 5.47m at 2.95% nickel and 7.14m at 3.2% nickel – and the company said a review of an historical drill hole indicated the potential for further mineralisation at depth.

    Significantly, Mincor also said that the potential mineralisation may be developed over a true thickness of up to 10m.

    Wannaway is one of two Mincor operations currently in production, with output of around 8000t per month at an average grade of 2.3% nickel.

    Mincor's total production is currently around 8300t of nickel per annum, with expansions and developments in place to take that to 15,000tpa of nickel by 2005/06.

    The company is spending $7 million over the next 15 months on exploration.

    Shares in the company rose 2c to 72c in early afternoon trade.

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