News: Minerals Corporation on the hunt for massive sulphide conductors

Minerals Corporation (ASX:MSC) has started a VTEM survey at the Riwaka nickel-copper-PGE project near Nelson, New Zealand, to test for massive sulphide conductors.

In October, the company secured an option agreement to acquire 100% of the project from NZA Commodities Pty Ltd (NZA).

The 596 line kilometre heli-borne survey is being carried out over the most prospective units at the project.

This is due to the high sulphide nature of mineralisation outlined to date as well as the limited and shallow drilling available to date.

It is being coordinated by Geotech Airborne and will be completed in early December.

MSC has also secured the services of Newexco, which were behind the major nickel discoveries of Spotted Quoll, Flying Fox and Nova-Bollinger.


Riwaka Project

The Riwaka Project comprises 3 leases targeting massive sulphide nickel-copper-PGE mineralisation in New Zealand.

It is serviced by proximity to power, port and a residential local workforce.

Riwaka was last drilled in the 1970s and has never had modern techniques applied during exploration.

New Zealand has also recently amended its mining legislation to become more “mining friendly”.

Minerals Corporation has an option over 100% of the issued capital of NZA.

It has agreed to fund up to $250,000 towards an airborne geophysical survey over the prospective areas. Within 60 days of completion of the survey, MSC must elect to exercise the option or not.

If MSC elects to exercise the option it will issue 4.5 million MSC shares to the vendors and if it incurs more than $2 million at the Riwaka Project it will issue the vendors an additional 1.5 million MSC shares.