The Wingellina deposit hosts a global resource of over 180Mt at 1% nickel and 0.07% cobalt which includes 167Mt as Measured and Indicated while additional known mineralised areas within the tenement holdings have the potential to add significant tonnage to this resource.
The Wingellina ore deposit is much more concentrated than most other laterite deposits. The ore is exposed at surface, with ore thicknesses of up to 200m and an average thickness of 80m which compares favourably with average laterite deposits which have thickness of only 15m. The deposit also has a very low strip ratio (ore to waste) and can be excavated without blasting. Overall this results in minimal dilution and very low mining costs, which together with the low processing costs results in a very robust project.
Metals X holds tenements over approximately 80 kilometres of contact zone of the layered intrusive which has the same stratigraphy, subjected to the same weathering processes and which exhibits the same surface expression. Only a handful of holes have been drilled in these other areas with excellent results and the potential for Wingellina to be significantly larger is very real.
Newminer.
MLX Price at posting:
31.5¢ Sentiment: Buy Disclosure: Held
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