A mineral inventory update at Intex Resources’ Mindoro Nickel Project in the Philippines has resulted in a 70% increase in laterite ore reserves to 126.3 million tonnes of 0.95% nickel.
The estimate is for the Lower Kisluyan and Buraboy laterite deposits, which were previously estimated to contain 74.2 million tonnes.
The new estimate includes 59.1 million tonnes of limonite ore @ 0.92% nickel and 0.09% cobalt, and 67.1 million tonnes of saprolite ore at 0.98% nickel and 0.03% cobalt.
The reserves contain about 1.2 million tonnes of nickel and 76,000 tonnes of cobalt.
There has also been a new estimate of resources and this resulted in a 50% increase to 315 million tonnes, holding more than 2.6 million tonnes of nickel. This update covers 75% of the licence area which has now been drilled.
The measured and indicated resources, derived from the laterite deposits of Lower Kisluyan, Upper Kisluyan and Buraboy, are 224 million tonnes @ 0.85% nickel. Resources from three remaining deposits, Shabo, Kapawa and Alg-Ag, are categorized as inferred and estimated to 51 million tonnes @ 0.78% nickel.
The new reserve estimate was prepared on the basis of a mine plan and financial factors, and classified according to the JORC code.
It incorporates a review of mining methods and costs, prepared for the Mindoro Nickel Definitive Feasibility Study, as well as other key operational and organizational financial factors.
The mining is designed as a traditional truck and shovel operation. Mining typically involves a single pass operation using hydraulic excavators and off-highway truck haulage.
Transport of ore to the proposed processing plant will be by overland conveyor from a run of mine (ROM) stockpile within the mine area.
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