Mincor Resources NL (ASX: MCR) is a mineral exploration company based out in Perth, Western Australia. The company currently have six active gold prospects and two development-ready nickel projects. The company holds nickel and gold assets in the Kambalda district of Western Australia, a rich mineral endowment area having a landholding of 500 square km. The development of 100% owned Widgiemoothla gold project allows MCR to generate cash flow from its gold assets, supported by a processing agreement with a highly reputed operator.
Today, the company announced the continuing growth of its ongoing diamond drilling at its Cassini Project in Kambalda. Cassini continues to grow as a significant greenfield in exploring nickel sulphide, with two open-ended resource trends identified so far. With the intersection of the adjacent channels, it provides the opportunity to build substantial high-grade nickel resources rapidly.
The Cassini Mineral Resource currently stands at 550,000 tonnes @ 3.4% Ni for 18,700 nickel tonnes with a focus of building nickel sulphide Mineral Resource base of 3.3MT @3.6% Ni for 118kt of nickel-in-ore in the Kambalda region.
Earlier this week, on 17 December 2018, MCR reported significant new nickel sulphide intercepts in diamond wedge hole MDD314W1, 40m up-dip of the impressive high-grade intercept of 7.17m @11.49% nickel with 3.68m @9.5% Ni with an estimated true width of 2.6m.
New results reflect the continuity of mineralization in the CS4 Channel, with the intercepts located approximately 105m down-plunge of the reported June 2018 Mineral Resource boundary.
The continued drilling at MDD314W1 beyond CS4 confirmed new targets along the structurally repeated “limbs” of the Cassini basal contact, with a significant zone of high-grade nickel also intersecting on a limb located near the footwall of the CS4 channel.
Down-hole electromagnetic (DHEM) surveys have identified six off-hole conductors down-plunge of the Cassini resource, three of which are in close to the CS4 Channel position. MCR plans to drill a series of sections in early 2019 to extend the crucial intersections achieved so far in the CS4 Channel.
This intersection on edge in combination with Strong DHEM conductor exhibits a high potential for additional nickel sulphide-bearing channels in the CS4 extensions and nearby location beyond the first step-out section.
Before completing the extensional program at the CS2 Channel to a depth of 550 meters below the surface, the drilling in early 2019 will continue to test the shallow regions of CS4 and CS1 Channel trends and other emerging surfaces.
On 10 December 2018, the company announced that the RC drilling had confirmed the continuity of high-grade nickel oxide mineralization above the Durkin mine. The exploration target had been revised to 100,000 to 200,000 tonnes at a grade between 3% Ni and 4% Ni.
Over the past one year, the scrip price has declined by 6.58% falling from 38 cents at the beginning of the year to 36 cents today with the major dip of 11.25% in the past six months. On the close of today’s trading session, the scrip price stood at AUD 0.360, up by 1.4% or 0.5 cents.
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