A mineral resource estimate for Mindoro Resources’ Agata North Nickel Laterite Project in the Philippines is more than double the company’s original exploration target.

The NI 43-101 compliant mineral resource estimate covers about 15% of the Agata North prospect and will constitute the starter resource for the early Direct Shipping Ore (DSO) production planned for this year.

The estimate for combined measured and indicated resources is 4.40 million wet metric tonnes (WMT) grading 1.25% nickel, 0.063% cobalt and 23% iron, at a cut-off grade of 0.80% nickel.

In addition the inferred resource estimate is 2.45 million WMT grading 1.23% nickel, 0.062% cobalt and 22% iron, also at a cut-off grade of 0.80% nickel.

The resource estimate lies within a 57 hectare area, which also includes an additional 30 hectares where mineralized drill intersections are at a wider spacing of 100 metres by 200 metres, and which have not yet been included in the resource estimate. Infill drilling is in progress in this area.

A total of 134 drill holes, comprising 2921 metres of diamond drill core and 2874 assay samples were used for the estimate.

Mindoro president Tony Climie says: "We are delighted with this early stage resource estimate, which is double our original exploration target. The estimate provides the basis for a scoping study, which is in progress, and on which a production decision for the DSO scenario will be made.

“The resource area represents a small part of Agata North, and does not include Agata South, or recently defined areas of potential nickel laterite mineralization on our Tapian and Mat-I projects. This reinforces our expectations of defining a major resource on our Surigao projects, potentially justifying establishing a local processing plant to maximize economic returns to all stakeholders."

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