Drillings add Weda Bay?s nickel, cobalt resources

Canadian junior mining firm Weda Bay Minerals Inc. announced on Tuesday that the results from the first 32 holes drilled on mapped extensions of the Santa Monica resource in its Halmahera island, North Maluku had indicated zones of thick, high grade laterite development with intercepts of up to 23.25 metres grading 2.13% nickel and 0.07% cobalt.

The current resource at Santa Monica is a Measured and Indicated Resource of 46.4 million tonnes at 1.32% Ni and 0.12% Co plus an Inferred Resource of 25.2 million tonnes at 1.39% Ni and 0.05% Co.

Excellent widths and/or grade were intersected in twelve holes, said the company. The company said a further thirteen holes intersected typical thickness and grades that will be included into future resource calculations.

Weda Bay Minerals Inc (WDA) is an exploration and development company focused on nickel and cobalt laterite project on the island of Halmahera. The project resources are currently 133 million tonnes grading 1.37% Ni and 0.11% Co of measured and indicated resources plus 82 million tonnes grading 1.33% Ni and 0.12% Co of inferred resource. All resource estimates are at cutoff grades of 1.0% Ni and 0.1% Co. The Company has completed an independent Pre Feasibility Study which concludes that the Halmahera project is highly viable. The company is now working towards the commencement of a Bankable Feasibility Study. (alex)