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wingellina world class nickel deposit

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    Wingellina – World Class Nickel Deposit
    Metals X Limited released its revised resource estimate for the World Class
    Wingellina Nickel Limonite deposit in the Central Musgrave Ranges of Western Australia.
    The total Identified Mineral Resource estimate contains over 2 million tonnes in contained
    nickel metal and over 150,000 tonnes in contained cobalt. Following infill drilling over the
    past 2 years, 85% of the resource is now at Measured and Indicated status (JORC) enabling
    Metals X to take the project through feasibility studies with a view to establishing a very long
    project life.
    Metals X Managing Director, Peter Cook said “This is a great result for the Company and we
    look forward to setting the project on the path to becoming one of Australia’s largest and
    longest life nickel-cobalt producers. The deposit currently ranks well in size compared to
    existing producers Murrin-Murrin and Ravensthorpe, and is estimated to be the 16th largest
    undeveloped nickel oxide deposit in the world. As big as it currently stands, we are yet to
    realise the full potential of the project area which we believe it still holds potential for the
    resource to grow significantly larger. In addition, our growing understanding of potential
    sulphide genesis models and make-up of the large Wingellina layered intrusive complex
    continues to excite us about the potential for a nickel sulphide discovery, akin to the Nebo
    and Babel discoveries (WMC now BHP) within a similar geological environment in the
    nearby West Musgrave Ranges.”
    Metals X will now update and complete its Scoping Study estimates before a decision to
    embark on a detailed feasibility study for the project is made.
    Enquiries: Peter Cook
    Managing Director


    PRESS RELEASE
    WINGELLINA – WORLD CLASS NICKEL DEPOSIT 16 MARCH 2007
    Page 2
    WINGELLINA RESOURCE ESTIMATE
    Metals X has completed approximately 40,000 metres of drilling on the Wingellina Prospect at its
    Central Musgrave Project in the past two field seasons. The majority of this work has been
    focussed upon the infill and more detailed delineation of the Identified Mineral Resource. The
    objective for Metals X in this process has been to define the Measured and Indicated resource
    estimates to sufficient levels to enable the project to move to feasibility with the confidence of a
    project life in excess of 30 years.
    Metals X has achieved this objective and has re-calculated its Identified Mineral Resource estimate.
    The Wingellina Prospect is now estimated to contain 2.03 million tonnes of Nickel metal and
    157,800 tonnes of Cobalt metal with 85% of the resource estimate being categorised as Measured
    and Indicated. Based upon the simplicity of mining, being mainly free-dig style open cast mining
    with very low waste to ore ratio’s, it is expected that the vast majority of the measured and indicated
    resources will convert to Proven and Probable Reserves.
    The following tables summarise the Identified Mineral Resource estimates for the Wingellina
    Prospect at 0.5% Ni, 0.7% Ni and 1%Ni cut-off grades.
    Wingellina – Identified Mineral Resource Estimate (March 2007)
    0.5% Ni Cut-off Million Tonnes %Ni % Co % Fe2O3
    Measured 56.9 Mt 0.98 0.077 47.9
    Indicated 125.5 Mt 0.94 0.073 45.4
    Inferred 30.8 Mt 0.95 0.070 44.5
    Total 213.2 Mt 0.95 0.074 45.9
    0.7% Ni Cut-off Million Tonnes %Ni % Co % Fe2O3
    Measured 47.6 Mt 1.06 0.083 49.6
    Indicated 100.5 Mt 1.04 0.078 47.4
    Inferred 25.1 Mt 1.04 0.075 46.1
    Total 173.2 Mt 1.04 0.079 47.8
    1.0% Ni Cut-off Million Tonnes %Ni % Co % Fe2O3
    Measured 25.4 Mt 1.23 0.093 52.0
    Indicated 50.0 Mt 1.23 0.087 49.8
    Inferred 11.9 Mt 1.25 0.082 47.1


    Metals X will use this new resource model to generate conceptual mining plans for at least the first 20
    years of production to update and complete its scoping study ahead of the decision to embark on a
    detailed feasibility study for the project.
    Wingellina is estimated to be the 16th largest undeveloped nickel oxide deposit in the world. Unlike
    most of Australia’s Nickel Laterite deposits, Wingellina is more correctly termed a Nickel Limonite
    deposit, exhibiting different mineralogical characteristics and associations. The deposit is typified as a
    high iron (approx. 48% Fe203), low Magnesium (approx. 1.7% Mg) moderate grade (0.95-1.5% nickel
    and 0.05% - 0.10% cobalt) oxide deposit formed by intense weathering of ultramafic rock units of the
    Wingellina layered intrusive complex.
    Total 86.3 Mt 1.23 0.088 50.1
 
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