156m @ 1.14% Ni, 0.08% Co from 2m 80m @ 1.33% Ni, 0.15% Co from Surface 96m @ 1.15% Ni, 0.09% Co from Surface 66m @ 1.45% Ni, 0.08% Co from Surface 102m @ 1.16% Ni, 0.05% Co from Surface 82m @ 1.39% Ni, 0.11% Co from Surface 106m @ 1.29% Ni, 0.08% Co from 4m 100m @ 1.22% Ni, 0.11% Co from Surface 102m @ 1.28% Ni, 0.12% Co from Surface
Ni cut off .7% 154,748,137 tonnes @ 1.04%Ni, .07% Co, 47.37% Fe2O3
A look at Tin and other bits:
Collingwood Mine production increased over 260% on previous quarter with December ore production of 39,879 tonnes at 1.30% Sn against a target of 31,734 tonnes at 1.21% Sn.
Collingwood tin metal produced rose 300% over the previous quarter to 606.2 tonnes.
Royalty receipts for the quarter are estimated to be $2.85m taking the rolling 12 month average to $8.2 million.
A significant discovery of calcrete rocks (containing calcium carbonate) capable of fulfilling acid neutralisation functions for HPAL nickel limonite processing has been made within 3km of the deposit.
The Wingellina Scoping Study suggests that the most optimal process route would be a 4 million tonne per annum HPAL plant producing 40,000t of Ni metal per annum as a nickel hydroxide product.
Studies to recommence tin production from the Tasmanian Tin Projects advance, including Mt Bischoff entering the final mining approval phase.
At the Wingellina Prospect, Nickel Limonite mineralisation is substantial in scale, occurring over widths of up to 600m, along a strike length of some 9 kilometres and to depths of up to 200 (typically 80 – 100m). The mineralised system remains open along strike and there is significant potential for depth extensions in many areas of the deposit that were only previously tested by shallow drilling. In the main, high grade nickel values are associated with yellow-brown to red-brown ochre-stained limonitic Fe-rich clays that are developed over the ultramafic (primarily dunite) units in the layered sequence. Depth and intensity of weathering appears to be associated with both rock-type and the presence of shears on the contacts with adjacent foliated mafic rocks. High grade cobalt values are associated with discrete horizontal bands of manganese oxides within the Ni oxide profiles.
The Renison Project is built around the Renison Bell underground mine and the Renison Tin Concentrator. These were both extensively refurbished during 2005 and operated until October 2005 before being placed on care & maintenance due to low tin prices. They remain on an advanced state of care & maintenance in preparation for a re-start.
Project New Blue, being the strategic plan to recommence mining and ore processing from the Renison Project and integrate the planned Mt Bischoff Tin Project progressed during the quarter.
The Rentails Project is a project aimed at the re-processing and recovery of tin from an estimated 18.17 million tonnes of tailings at an average grade of 0.42% Sn (containing over 76,000 tonnes of tin metal) that remain at the site from the historic processing of tin ores from the Renison Bell mine.
Mt Bischoff is a site of significant historic tin production and the Metals X plan is to develop a conventional open pit mine to extract approximately 750,000 tonnes of ore at approximately 1.2% Sn over a three year period. This ore will be transported to Renison by road and form part of a blended feedstock for the Renison Tin Concentrator.
All this plus $6.5 mill in cash......
MLX Price at posting:
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