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Mincor extends Cassini potential with new 17.6m @ 5% nickel in stepout hole - The Pick Online Magazine

Written by Staff Writer | Jan 6, 2020 10:31:30 AM

Mincor Resources NL (ASX: MCR) has returned another exceptional high-grade nickel intercept from its ongoing diamond drilling at the Cassini nickel sulphide deposit at Kambalda in Western Australia.

Managing Director, David Southam, said the high-grade intersection yielded 17.6m at 5.0% Ni (including 13.0m @ 6.1% Ni) and is interpreted to be within the CS4 channel.

Mr Southam said that importantly, the new intersection is 115m down-plunge from the last reported CS4 intersection and represents the first result from a discrete programme aimed at demonstrating the continuity of nickel sulphide mineralisation at Cassini.

He said the new intersection is down-plunge of the boundary of the reported Mineral Resource of 1.254Mt at 4.0% Ni for 50,400 nickel tonnes. Initial interpretation from this intersection indicates that the CS4 and CS5 channels may be steeper dipping beyond the current Mineral Resource.

Mr Southam said the 17.6m thick high-grade intercept was a significant development, being the second hole of a newly designed programme to test extensions of the known mineralised channels beyond the currently defined Mineral Resource at Cassini.

“What a great way to start the New Year with significant new drilling success at Cassini,” he said.

“The CS4 surface has recently taken somewhat of a back-seat from the remarkable success we achieved with our drilling program in the December 2019 quarter surrounding the CS5 surface intersections.

“Today’s result shows that the CS4 surface could also extend significantly, with this intersection being 115m down-plunge from the last reported intersection. It is also our second highest value hole per metre (measured as intercept width multiplied by nickel grade) at Cassini.

“We have committed part of the proceeds from our recent $35 million capital raising to continue to invest in resource extension, resource development and exploration while we complete the Definitive Feasibility Study for our integrated Nickel Restart Strategy.

“The outstanding new drilling results reported today represent a clear vindication of this approach, demonstrating that our extensional drilling strategy at Cassini has the potential to deliver substantial success beyond our existing Mineral Resource which, at just over 50,000 high-grade nickel tonnes, is already one of the most significant new nickel sulphide discoveries in the Kambalda district in recent decades.

“The next sequence of step-out holes will be targeted in the CS5 and CS2 channels of Cassini through January and into early February 2020 while we finalise our nickel restart studies.”

Mr Southam said the new intercept demonstrates the continuity, thickness and tenor of the high-grade nickel sulphide mineralisation within both the CS4 and CS5 surfaces, providing the proof of concept to continue the extensional drilling program at Cassini throughout January and early February 2020.

The first hole of the programme was designed to test the CS4 channel up-dip in a shallower position to allow for any potential changes to the basalt model and provide an electromagnetic survey platform, which ultimately provided the target for MDD339.

Positively, MDD338 intersected nickel sulphides on the CS4 surface returning an intercept of 1.3m @ 7.8% Ni. Consistent with this interpretation, MDD339 also intersected the upper leading edge of the sub-vertical CS5 surface, returning an initial intercept of 4.2m @ 1.2% Ni before encountering the wide high- grade zone of nickel sulphide mineralisation.