MCR 0.00% $1.39 mincor resources nl

significant discovery

  1. 782 Posts.

    Mincor is pleased to announce the first resource estimate for its new
    nickel sulphicle discovery at North Miitel. Mincor's drilling since
    July last year has focused on the North Miitel area, and has now
    defined a significant new resource. The North Miitel deposit, as
    currently defined, lies on the Basal Contact some 700 metres north of
    the Miitel orebody. If proved economically viable, it is likely to be
    accessed from the existing Miitel underground infrastructure.

    Mincor's resource estimate for North Miitel is as follows:


    Indicated Mineral Resource 190,100 @ 3.9
    Inferred Mineral Resource 62,700 @ 3.8
    Total 252,800 @ 3.9

    (Estimated using a 2% nickel cut-off. No minimum width criteria
    applied, but average true width of mineralisation at this cut off is
    3 metres)

    Mincor believes there remains considerable further upside to the
    North Miitel resource. The Inferred Resource of 62,700 tonnes quoted
    above represents a single hole, DRD1523W1, which lies some 130 metres
    beyond the end of the Indicated Resource. There is every likelihood
    that further drilling will prove continuity of mineralisation between
    DRD1523W1 and the Indicated Resource. Additionally, the resource
    remains open to the north, beyond DRD1523W1. There is also scope for
    the discovery of additional mineralisation in the area between North
    Miitel and Miitel (please refer to the attached long section).

    Exploration drilling at North Miitel continues, and feasibility
    studies have commenced.

    D Moore
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