Base Metals: Centaurus wraps up acquisition of its Brazilian nickel project
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Centaurus Metals (ASX:CTM) has completed the acquisition of the Jaguar nickel sulphide project in Brazil from global mining giant Vale and is now preparing for a maiden resource estimate.
The company completed the acquisition after securing the required approval from the Brazilian National Bank for Economic and Social Development, paying Vale $US250,000 ($401,917) and transferring its greenfield Salobo West tenure to Vale.
More than 8,500m of new diamond drilling has been completed, which along with 55,000m of historical drilling, is sufficient to define a maiden resource, which is on target to be released in mid-2020.
Centaurus is scaling back drilling to two rigs working day shifts only while work on the resource is completed to slow its cash burn during the current COVID-19 induced uncertainty in global markets.
Metallurgical test work and scoping study activities continue to advance in conjunction with the resource estimation work.
Meanwhile, Pioneer Resources (ASX:PIO) has intersected broad nickel sulphide zones at the Leo Dam prospect at its wholly owned Blair mine in Western Australia.
Notable results are 40m grading 0.54 per cent nickel from 85m, 4m at 0.91 per cent nickel from 151m including 2m at 1.2 per cent nickel from 152m and 15m at 0.73 per cent nickel from 165m including 1m at 3.11 per cent nickel from 178m.
The company noted that down-hole electromagnetic data indicated that all the holes appeared to be approaching a large low-to-moderate conductive source, which could represent deeper sulphide mineralisation or sulphidic shales beyond the depth of recent drilling.
It will extend one of the six drill holes to test this structure.