Perth, Feb 22, 2008 AEST (ABN Newswire) - Emerging nickel producer Nickelore Limited (ASX: NIO) has today announced positive reverse circulation (RC) drilling results at the Company's Canegrass Nickel Cobalt Project, 70 kms north-west of Kalgoorlie.
The drilling program consisting of eight (8) RC drill holes was completed in Area 3, half a kilometre North East of Patch-Gulch - a former mining pit which is expected to be the first mine site for the Canegrass Project. The work identified extensions of nickel and cobalt mineralised zones around Patch Gulch, where Nickelore will update resource estimates for the Canegrass Project scoping and feasibility studies.
- The best intercepts were 4m @ 1.15 %Ni, 0.02% Co, from 36m below surface, 4m @ 1.11%Ni, 0.03% Co from 12 m and 6m @ 1.06%Ni 0.06% Co from 34 m below surface.
The results in this area are presented in the table below.
Table 1. Significant intercepts.------------------------------------------------------Hole id North East From To Thick(m) Ni% Co%------------------------------------------------------HSIC259 6654337.7 304165.8 18 24 6 0.94 0.05 32 36 4 0.66 0.02 50 54 4 0.71 0.02HSIC262 6654336.98 304249.9 30 36 6 0.75 0.02 38 42 4 0.67 0.03 44 50 6 0.74 0.02HSIC264 6654338.87 304412.7 34 40 6 1.06 0.06HSIC266 6654340.77 304570.4 36 44 8 0.79 0.04HSIC267 6654339.4 304650 12 16 4 1.11 0.03 38 42 4 0.51 0.07 46 56 10 0.66 0.02HSIC269 6654339.95 304812.1 6 10 4 0.57 0.02HSIC270 6654341.44 304890.7 22 36 14 0.72 0.04HSIC274 6654980.31 304490.6 36 40 4 1.15 0.02-------------------------------------------------------All drill hole collar coordinates are in AGD94 (Zone 51)Overall resource grade: 0.7% Ni, 0.05% Co
Managing Director, Iggy Tan said that the drilling demonstrated good continuity of nickel and cobalt mineralisation.
"This is excellent news for the scoping and feasibility work on the Canegrass Nickel Cobalt Project," he said.
"We are particularly encouraged to see some new zones identified which are outside our current resource model". "The next stage of the drilling program will be a systematic drill out of the prospective areas on the tenements underlain by ultramafic lithologies"
The information in this report that relates to Exploration Results is based on information compiled by Andrew Radonjic a Non Executive Director of Halcyon Group, who is a member of The Australasian Institute of Mining and Metallurgy. Mr Radonjic has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr Radonjic consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.
Contact
Iggy Tan
Managing Director
+61 8 9481 2433
email: iggy@nickelore.com.au
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