- Mincor Resources (ASX:MCR) has reported high-grade nickel intercepts from the start of an extensional drilling program at Cassini
- A step-out hole at the deposit in Kambalda returned a new intercept grading 17.6 metres at 5 per cent nickel
- The intercept is beyond the boundary of the current Mineral Resource
- Follow up drilling at Cassini is planned over the next two months
- Shares in Mincor Resources are trading 6.56 per cent higher today, worth 69 cents apiece
Mincor Resources (MCR) has reported high-grade nickel intercepts from the start of an extensional drilling program at the Cassini deposit.
The second hole of the program, MDD339 returned a new nickel sulphide intercept of 17.6 metres at 5 per cent nickel with a higher grade core of 13 metres at 6.1 per cent nickel.
This is interpreted to be within the CS4 channel at the nickel sulphide deposit in Kambalda, Western Australia.
MDD339 is a 115m down-plunge of the last CS4 intersection and 144m down-plunge from the deepest intersection in the core of the CS5 channel.
Mincor’s Managing Director David Southam described the MDD339 intercept as a significant development outside of the existing Mineral Resource at at the Cassini.
“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 at Cassini,” he said.
The current Mineral Resource of 1.254 million tonnes at 4 per cent nickel for 50,400 nickel tonnes was last updated on November 6, 2019.
This new intercept indicated the CS4 channel and the CS5 channel may be stepper dipping than accounted for in the current Mineral Resource.
The extensional drilling program at Cassini is part of Mincor Resources’ Nickel Restart Strategy, according to company Managing Director.
“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.”
Following the results from MDD339, the extensional drilling program at Cassini will continue in January and February 2020.
Shares in Mincor Resources are trading 6.56 per cent higher today, worth 69 cents apiece at 1:30pm AEDT.