RMC
Wowo Gap Nickel Deposit Bigger
Innovative Perth-based minerals explorer Resource Mining Corporation (ASX:RMI) has recorded significant nickel and cobalt assay results from its latest drill program at its Wowo Gap Nickel deposit, located 200 kilometres east of Port Moresby in Papua New Guinea in an area known to host significant Nickel-Cobalt mineralisation.
Key Facts
- Additional thick, high grade nickel intercepts
- New exploration target identified to south west of existing mineral resource
- Higher grade mineralisation continues north and remains open
- 70 per cent of drill holes returned nickel grades of more than 1 per cent in latest assay results
The drill program was designed to infill holes on a 200 metre hole spacing within areas of known mineralisation towards the north of the project, and to test for extensions of mineralisation to the south-west.
Over 250 holes have been drilled since commencement of the program using an innovative custom made man-portable core drilling rig capable of much faster, higher quality and more cost effective drilling using a largely unskilled local workforce.
An updated resource estimate is expected to be completed in the first half of July 2011 followed by another update in October of this year.
The latest assay results received are from 50 holes, 35 of which intersected high grade Nickel of a grade greater than one per cent Nickel with some as high as 1.56 per cent Nickel.
Quotes
"These results are extremely positive. The high grade mineralisation remains open to the north and an exciting new south west extension has been identified. The high Nickel grades confirm the quality of the Wowo Gap deposit as world class and the extension to the mineralisation provides confidence that the mineral resource is larger than current estimates."
Resource Mining Corporation Managing Director Warwick Davies
"The recently received assay results continue to reinforce the potential of the project to host significant near surface laterite nickel mineralisation which would lend itself to a high quality, low cost surface mining operation."
Resource Mining Corporation Managing Director Warwick Davies
"We’ve been concentrating our drilling program in thicker profiles of limonite that occur within a geological unit known as the Sivia Breccia which trends along the Bereruma Fault and these assay results are better than our original expectations. We expect these will support additional tonnage in our updated resource estimates."
Resource Mining Corporation Managing Director Warwick Davies
“To get seven out of ten holes with grades over one per cent Nickel is outstanding.”
Resource Mining Corporation Managing Director Warwick Davies