Australian nickel producer Mincor Resources NL (ASX: MCR) has added further momentum to the Feasibility Study on its 100%-owned Durkin Deeps Nickel Project in Kambalda after today announcing a 42% increase in the Mineral Resource for the project to 18,800 tonnes of contained nickel metal. Mincor said the substantial increase had been achieved from the first round of resource confirmation drilling undertaken since the acquisition of the Project in July 2007, with two-thirds of the upgraded resource now in the Indicated category. Durkin Deeps is one of a number of key assets acquired by Mincor as part of its purchase of GMM Pty Ltd last year, creating a substantial new production and exploration centre for the Company. The nearby Otter Juan Mine is in production and is already making a strong contribution to the Company’s cash flow and earnings, while the McMahon Project is being developed as a new $23 million mining operation. The new Durkin Deeps resource estimate of 18,800 tonnes of contained nickel metal compares with the original resource of 13,200 tonnes announced when the GMM acquisition was completed. The new resource estimate is based on 66 drill-hole intersections, including 6 confirmation intersections completed by Mincor over the past few months.
MCR Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held