Tuesday, May 25, 2004 SHERLOCK Bay Nickel Corporation has signed an agreement with Titan Resources subsidiary, Pacific Ore Technology, to use the BioHeap bacterial leaching process at its namesake nickel project in Western Australia.
SBNC managing director Boris Gerick could not disclose the financial details of the agreement but said it was mostly comprised of royalties with a minimal upfront cash element.
Under the agreement POT will work closely with SBNC in all aspects of the design and operation of the leap leach and associated plant to ensure the project is bought online rapidly and successfully.
SBNC will have access to all the data generated by POT from a four year pilot plant campaign on the Mt Scholl nickel, copper, cobalt ore at Titan's Radio Hill project.
Recent metallurgical test work carried out by POT on Sherlock Bay nickel gave a recovery rate of 91.6% nickel and 84% copper, after 37 days leaching.
Earlier this week SBNC announced a $1.3 capital raising to fund drilling at the nickel project. Results of a bankable feasibility study are expected in the coming week.
SBNC moved up nearly 7% to 8.1c today.
SHN Price at posting:
0.0¢ Sentiment: None Disclosure: Held
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