The updated Mineral Resource Estimate has substantially increased the tonnage, grade and confidence level of the Wowo Gap Nickel Laterite deposit as summarised in the tables below.
The classification of the resource estimate is based on the geological continuity of mineralisation, drilling density and dry insitu bulk density and the updated Mineral Resource Estimate is quoted to the appropriate level of precision at a 0.8 per cent nickel cut off grade.
Further details of the updated Mineral Resource Estimate are provided in Appendix 1 (see link at the bottom of the release).
"This new estimate confirms the significance of the resource at Wowo Gap in a global context, and coupled with research on our new organic leaching technology, make the project very attractive to potential joint venture partners," said Resource Mining Corporation Managing Director Warwick Davies.
The custom made, man-portable core drilling rigs have proved to be capable of much faster, higher quality and more cost effective drilling using a largely unskilled local workforce.
"We've proven ourselves with our innovative drilling program, the next step in the project's development is to find an off take partner who can help fund the future development of the project" said Mr Davies.
A potential site for a stand alone hydro power source has also been identified within the general area of Wowo Gap.
"All the key elements are now starting to come together at Wowo Gap, a significant nickel and cobalt deposit near surface which lends itself to open cut mining, an innovative organic leaching process which is being developed to proof of concept stage, a potential source of hydro power, and potential for an export port less than 30 kilometres away. Continuous engagement with landowner groups and our local workforce with commitment to our policy of social involvement will be strengthened," said Mr Davies.
"The outlook for nickel still remains positive as an input into steel making and we believe the ongoing trend of industrialisation and urbanisation in Asia and India will continue and that given the latest resource estimates, Wowo Gap continues to be an attractive investment proposition for both shareholders and potential joint venture partners who are have a need for nickel as an input into steel and alloy manufacturing," said Mr Davies.
For the complete announcement including tables, please view:
About Resource Mining Corporation Limited
Resource Mining Corporation Limited (ASX:RMI) is a Perth-based specialist mineral exploration company creating wealth from mineral commodities using innovative technical, marketing and financial skills as it explores for economic metal deposits in Australia and Papua New Guinea. The company has a strong commitment to sustainable development and aims to realize world class mineral opportunities through science-based innovation, expert environmental analysis and best practice community stakeholder engagement.
Resource Mining Corporation Limited