Agata Mining Ventures Inc (AMVI) has completed a detailed drill program comprising 986 holes totalling 16,768 metres at the Agata Nickel Laterite Project in northern Mindanao. Results from the program will be used to increase the confidence level of the existing nickel laterite resources and potentially expand the size of the deposit.

AMVI, a joint venture company in which Mindoro Resources holds a 40% interest and TVI Resource Development (Phils), Inc. (TVIRD) holds a 60% interest and is the operator, expects an updated NI43-101 report to be completed in the third quarter of 2015.

AMVI commenced a detailed diamond drilling program in October 2014 consisting of infill and step-out drill holes on the Agata nickel laterite ore body to upgrade and increase the resources previously disclosed in April 2013. The program of 986 drill holes was completed in the span of six months with up to 17 drill rigs mobilized at one time and comprised 907 infill holes and 79 step-out holes.

Of the infill holes, 583 holes for 10,520.7 metres were drilled at 25-metre by 25-metre spacing and 324 holes for 5348.1 metres were drilled at 50-metre by 50-metre spacing. Results have shown average nickel and iron grades for saprolite horizons of 1.3% nickel and 14% iron while limonite intersections averaged 1.1% nickel and 49% iron.

Significant intersections of up to 4.3% nickel and 55% iron were encountered at vertical thicknesses ranging from 6 to 22 metres. These results will be used primarily to upgrade the confidence level of current known resources from the indicated category to the measured category.

The step-out program totalled 899.3 metres and also returned positive results. A total of 78 of the 79 holes drilled in the southwest, central and northeast areas surrounding the current Agata mining area intersected limonite and saprolite ore with nickel grades above 0.8%. Approximately 22 holes had intercepts ranging from 10 to 24 metres of nickel-rich horizons with grades equal to or greater than 1.3%. The maximum iron grade recorded from the step-out holes was 54%.

These results will be incorporated into the updated NI43-101 report and may expand the current resources at the project.

Mindoro’s interim CEO Luis Santos says, “The completed drill program will significantly improve our understanding of the Agata nickel laterite deposit and its resource potential. We expect the results to potentially increase the size of the resource and serve as a guide for ongoing mining activities at the direct shipping ore (DSO) operations.”

Agata is in Agusan del Norte province, within the Surigao mining region. Commercial production of nickel laterite DSO commenced at the project in October 2014.