MINCOR RESOURCES NL ASX ANNOUNCEMENT
21 March 2022
SIGNIFICANT NEW NICKEL SURFACE TAKING SHAPE AT GOLDEN MILE | ||||
Definition of new mineralised surface within the Golden Mile exploration zone highlights | ||||
potential for Resource growth in close proximity to existing infrastucture at Long, Durkin North | ||||
• | Recent diamond drilling has successfully delineated a significant new mineralised surface, the LN04a, | |||
only | immediately along strike from the Long Nickel Mine within the "Golden Mile" at Kambalda | |||
• | Drilling has potentially extended this new mineralised surface beyond the previous extent of the Long | |||
Mineral Resource boundary, but importantly close to recently installed underground infrastructure | ||||
• | Underground diamond drilling has demonstrated continuity of the new surface over strike and dip extents | |||
of 550m and 150m, with the surface remaining open along strike and up-dip | ||||
• | Significant intersections in the LN04a include: | |||
use | o | ULG-22-021 - | 9.9m @ 3.4% Ni | |
o | ULG-21-045 - | 1.2m @ 8.2% Ni | ||
o | LG137-084 - | 7.0m @ 3.8% Ni | ||
personal | • | The discovery of the LN04a surface reinforces the potential of the Golden Mile zone to host significant | ||
nickel orebodies in close proximity to existing underground infrastructure | ||||
• | Diamond drilling will continue throughout CY22, further defining the extent of the new LN04a surface, | |||
with Mincor targeting an initial Mineral Resource late in the June 2022 Quarter | ||||
• | Two diamond drill rigs are currently operating underground at the Northern Operations, specifically | |||
targeting the Golden Mile while also conducting grade control drilling | ||||
Mincor Resources NL (ASX: MCR, "Mincor" or the "Company") is pleased to report encouraging new results from the Golden Mile underground drilling program, targeting the zone between the Company's Long and Durkin North Operations (together, the "Northern Operations").
New mineralised surface - "LN04a"
As previously reported, systematic diamond drill testing of the Golden Mile has highlighted a number of mineralised 'trends' or 'surfaces' across the zone, considered broadly to be extensions of the Long and Durkin North orebodies. Recently, in-fill drilling of the zone closest to Long has resulted in the definition of a significant new surface, referred to as the LN04a (Figure 1).
Current drilling has defined a surface of approximately 550m by 150m which remains open both along strike and up-dip. Preliminary interpretations suggest that the LN04a surface is a continuation of the suite of surfaces
Formined historically at Long.
The Company is highly encouraged both by the geological continuity of the surface and the high-grade nature of the mineralised intercepts, with the nickel sulphide grades returned from LN04a similar to those associated with the orebodies that were successfully mined historically at Mincor's Northern Operations.
Drilling activities at the Golden Mile are currently focused on further defining the extents of this significant new surface, with Mincor targeting a Mineral Resource update late in the June Quarter. The current drilling program at Golden Mile represents only a small portion of the enlarged Golden Mile exploration program, with significant drilling programs scheduled to continue over the remainder of CY22 (Figure 2).
TEL | 08 9476 7200 | POSTAL ADDRESS | REGISTERED OFFICE |
FAX | 08 9321 8994 | PO Box 1810 | Ground Floor, 9 Havelock Street |
mincor@mincor.com.au | West Perth WA 6872 | West Perth WA 6005 | |
WEBSITE | www.mincor.com.au | Australia | Australia |
ACN | 072 745 692 |
onlyuse
personalFigure 1: Schematic of the Northern Operations (facing North), highlighting the conceptual new LN04a surface within the Golden Mile exploration zone. The previously announced D6 zone at Durkin North is also pictured for reference.
ForFigure 2. Location of the conceptual LN04a surface within the greater Kambalda Dome (facing South). Note the extent of Golden Mile drilling still to take place over the remainder of CY22.
Proximity to Infrastructure
Despite the LN04a surface sitting ~320m along strike from existing development infrastucture at Long, crucially, the new surface is only ~90m from the newly developed Long-Durkin North Incline (which connects the two previously separated Long and Durkin North operations). This close proximity to exisiting, high-quality infrastructure has positive implications for any future exploration success within the Golden Mile zone, limiting the capital and development time required to access any potential new mining zones.
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Multiple mineralised zones now coming into focus at Northern Operations
Mincor's Feasibility Study (see ASX Announcement 25 March 2020) outlined an initial 5-year mine life with onlymining of the new Durkin North orebody a significant platform of the Northern Operations contribution, supplemented by ore from a smaller Ore Reserve at Long. Recent discoveries of the D6 surface at Durkin North (refer to ASX announcement 25 January 2022) and now the potential for a significant new surface at LN04a
clearly illustrate the potential for mine life extensions right across Mincor's Northern Operations.
This near-mine growth potential at the Northern Operations will be a core focus of drilling over the remainder f CY22, particularly in the Golden Mile area.
Management Comment
useMincor's Managing Director, David Southam, said: "The definition of a seemingly large and high-grade new mineralised surface in such close proximity to our existing mining activities at Long and Durkin North represents an outstanding opportunity for Mincor to drive growth and mine-life extensions from this high-grade nickeladdress, at a time when high-qualitynickel sulphides are in incredibly high demand and short supply.
"Even more exciting, this success at Golden Mile represents a resounding tick of approval for Mincor's strategy to combine the Long and Durkin North infrastructure and dedicate resources to unlocking the exceptional
exploration potential of this previously untested zone. The confirmation of multiple discoveries within such apersonalshort time period certainly bodes well for the long-termfuture of our operations in the Kambalda Dome.
"While we remain laser focused on delivering first production in the June Quarter, our exploration and resource teams are also working hard to deliver a Mineral Resource update for the LN04a surface towards the end of June,with drilling in this area expected to continue over the remainder of the year."
Approved by:
Board of Mincor Resources NL
For further details, please contact:
David Southam
Managing Director
Mincor Resources NL
ForEmail: d.southam@mincor.com.au
Tel: (08) 9476 7200
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Summary Information
The following disclaimer applies to this announcement and any information contained in it (the Information). The Information in this announcement is of general background and does not purport to be complete. It should be read in conjunction with Mincor's other onlyperiodic and continuous disclosure announcements lodged with ASX Limited, which are available at www.asx.com.au. You are advised to read this disclaimer carefully before reading or making any other use of this announcement or any Information contained in this announcement. In accepting this announcement, you agree to be bound by the following terms and conditions including any
modifications to them.
Forward Looking Statements
This announcement may include forward-looking statements. These forward-looking statements are based on Mincor's expectations and beliefs concerning future events. Forward looking statements are necessarily subject to risks, uncertainties and other factors, many of which are outside the control of Mincor, which could cause actual results to differ materially from such statements. Mincor makes no undertaking to subsequently update or revise the forward-looking statements made in this announcement, to reflect the circumstances
useor events after the date of this announcement. personalFor
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APPENDIX 1: Nickel Mineral Resources and Ore Reserves
Nickel Mineral Resources as at 30 June 2021
only | RESOURCE | MEASURED | INDICATED | INFERRED | TOTAL | ||||||||||||||||||
Tonnes | Ni (%) | Tonnes | Ni (%) | Tonnes | Ni (%) | Tonnes | Ni (%) | Ni tonnes | |||||||||||||||
Cassini | 1,350,000 | 4.0 | 184,000 | 3.5 | 1,534,000 | 4.0 | 60,700 | ||||||||||||||||
Long | 487,000 | 4.1 | 303,000 | 4.0 | 791,000 | 4.1 | 32,000 | ||||||||||||||||
Redross | 39,000 | 4.9 | 138,000 | 2.9 | 67,000 | 2.9 | 244,000 | 3.2 | 7,900 | ||||||||||||||
Burnett | - | - | 241,000 | 4.0 | - | - | 241,000 | 4.0 | 9,700 | ||||||||||||||
Miitel | 156,000 | 3.5 | 408,000 | 2.8 | 27,000 | 4.1 | 591,000 | 3.1 | 18,100 | ||||||||||||||
use | Wannaway | - | - | 110,000 | 2.6 | 16,000 | 6.6 | 126,000 | 3.1 | 3,900 | |||||||||||||
47,000 | 3.6 | 57,000 | 2.2 | - | - | 104,000 | 2.8 | 2,900 | |||||||||||||||
Carnilya | |||||||||||||||||||||||
Otter Juan | 2,000 | 6.9 | 51,000 | 4.1 | - | - | 53,000 | 4.3 | 2,300 | ||||||||||||||
Ken/McMahon | 25,000 | 2.7 | 183,000 | 3.9 | 54,000 | 3.2 | 262,000 | 3.7 | 9,600 | ||||||||||||||
Durkin North | - | - | 417,000 | 5.3 | 10,000 | 3.8 | 427,000 | 5.2 | 22,400 | ||||||||||||||
Durkin Oxide | 154,000 | 3.2 | 22,000 | 1.7 | 176,000 | 3.0 | 5,200 | ||||||||||||||||
Gellatly | - | - | 29,000 | 3.4 | - | - | 29,000 | 3.4 | 1,000 | ||||||||||||||
personal | Voyce | - | - | 50,000 | 5.3 | 14,000 | 5.0 | 64,000 | 5.2 | 3,400 | |||||||||||||
Cameron | - | - | 96,000 | 3.3 | - | - | 96,000 | 3.3 | 3,200 | ||||||||||||||
APPENDIX 2: Nickel Ore Reserves as at 30 June 2021 | - | - | 554,000 | 3.0 | 16,700 | ||||||||||||||||||
Stockwell | - | - | 554,000 | 3.0 | |||||||||||||||||||
TOTAL | 270,000 | 3.7 | 4,325,000 | 3.8 | 698,000 | 3.7 | 5,292,000 | 3.8 | 199,000 |
Note:
• Figures have been rounded and hence may not add up exactly to the given totals.
• Note that nickel Mineral Resources are inclusive of nickel Ore Reserves.
The information in this report that relates to nickel Mineral Resources is based on information compiled by Rob Hartley, who is a Member of the Australasian Institute of Mining and Metallurgy. Mr Hartley is an employee of Mincor Resources NL and has sufficient experience 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 2012 edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Hartley consents to the inclusion in this report of the matters based on his information in the form and context in which it appears.
The information in this report that relates to Exploration Results is based on information compiled by Dr Zoran Seat, who is a Member of The Australasian Institute of Mining and Metallurgy. Dr Seat is a full-time employee of Mincor Resources NL. Dr Seat has sufficient experience that is elevant to the style of mineralisation and type of deposit under consideration and to the activity that he is undertaking to qualify as Competent Persons as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Dr Seat consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.
For | RESERVE | PROVED | PROBABLE | TOTAL | ||||||||||||
Tonnes | Ni (%) | Tonnes | Ni (%) | Tonnes | Ni (%) | Ni tonnes | ||||||||||
Cassini | 1,212,000 | 3.3 | 1,212,000 | 3.3 | 40,100 | |||||||||||
Long | 162,000 | 2.7 | 162,000 | 2.7 | 4,300 | |||||||||||
Burnett | - | - | 271,000 | 2.6 | 271,000 | 2.6 | 6,900 | |||||||||
Miitel | 19,000 | 2.9 | 126,000 | 2.1 | 145,000 | 2.2 | 3,300 | |||||||||
Durkin North | - | - | 675,000 | 2.4 | 675,000 | 2.4 | 16,500 | |||||||||
TOTAL | 19,000 | 2.9 | 2,445,000 | 2.9 | 2,465,000 | 2.9 | 71,100 | |||||||||
Note:
- Figures have been rounded and hence may not add up exactly to the given totals.
- Note that nickel Mineral Resources are inclusive of nickel Ore Reserves.
The information in this report that relates to nickel Ore Reserves at Cassini and Long is based on information compiled by Dean Will, who is a Member of the Australasian Institute of Mining and Metallurgy. Mr Will is a full-time employee of Mincor Resources NL and has sufficient experience 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 2012 edition of the "Australian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves". Mr Will consents to the inclusion in this report of the matters based on his information in the form and context in which it appears.
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