Mincor hits shallow high-grade nickel — now it just needs somewhere to process it
Western Australian miner Mincor Resources has hit high-grade nickel over 6 per cent above its historic “Durkin” mine near Kambalda in Western Australia.
The intersection included 7m grading 6.14 per cent, 25m from surface, which complements historic drilling results of up to 11.66 per cent nickel 38m from surface, Mincor (ASX:MCR) said.
Based on these results, Mincor has speculated a potential nickel oxide (or laterite) exploration target of up to 12,000t of nickel.
The company will immediately follow up with drilling to establish a high-grade nickel oxide mineral resource estimate this quarter.
The laterite nickel has generally remained un-mined at Kambalda because it is an oxide ore – meaning it has combined chemically with oxygen – so it cannot be processed at the local BHP Nickel West concentrator.
Sulphide nickel deposits are usually discovered hundreds of metres below the surface and can be less complex to process.
Mincor believes this presents an opportunity to make extra cash, in addition to its core nickel sulphide resources.
“Preliminary discussions have been initiated with parties capable of treating non-sulphide ore to evaluate the financial viability,” the company said.
Mincor is making cash from its small 72,000-ounce Widgiemooltha gold project which is helping fund the company’s flagship nickel program.
The share price – currently 37.5c – has traded between 28c and 47.5c over the past year.
The company held $14.29m in cash at the end of June.
Mincor has been approached by Stockhead for comment.