Highlights
- Drilling beneath the EL Mine at Lynn Lake Project in Canada continued to identify strong nickel-copper-cobalt sulphide mineralisation, including:
CRZ012W7
73.46m @ 0.81% Ni, 0.50% Cu & 0.022% Co from 727.54m;
Including
32.46m @ 1.26% Ni, 0.72% Cu & 0.032% Co from 727.54m
- Down-hole EM surveys defined several conductors that will direct exploration drilling of extensions to EL Deposit between 700m-1,200m below surface
- Drilling of priority target area identified a new zone of nickel-copper sulphide mineralisation. Drill hole CRZ017 intersected ~51m of disseminated to massive sulphide mineralisation (~50m east of previously discovered sulphide breccia)
- Drilling of these targets is continuing
- Mining studies for Lynn Lake Project commenced. Early results indicated:
Brown-fields project, well serviced with mining infrastructure and support, offering rapid development potential
Review of historical data for Lynn Lake deposits indicates copper and cobalt may provide a valuable credit, in excess of CAD$2.00/lb of nickel benefit
First pass review of Canadian underground mining costs indicate approx 30% reduction in comparison to Australian costs
- Cash at the end of the quarter was approximately $2.18 million.
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