RESOURCE ESTIMATE CONFIRMS SIGNIFICANT DISCOVERY AT NORTH MIITEL
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:
CLASSIFICATION TONNES NICKEL %
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 MANAGING DIRECTOR
MCR Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
