Weda Bay adds N. Maluku nickel resources
Thursday, April 15 2004 - 11:47 PM WIB
Weda Bay said the majority of the latest results are from drilling the large new extension to the north of Santa Monica. A total of 37 holes have been drilled to date and the better intercepts from the most recent drilling in this zone include 31.1 metres grading 1.76% nickel and 0.04% cobalt and 22.0 metres grading 1.44% nickel and 0.19% cobalt.
“Results from 18 holes in the south and southeast extensions of Santa Monica have also been received and confirm the potential for these zones. Better intercepts include 13.8 metres grading 1.58% nickel and 0.09% cobalt and 9.4 metres grading 1.74% nickel and 0.06% cobalt,” said the company in a statement.
The published resource at Santa Monica (excluding the extensions currently being drilled) 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.
The company said a further 28 holes intersected typical thickness and grades will also be included into future resource calculations.
According to the company, recent drilling activity to the north of Santa Monica has also lead to a closer examination of the previously mapped limits to the laterite development in this area. Helicopter reconnaissance and satellite imagery has now indicated that the laterite development continues further to the northeast well beyond the previously estimated boundaries. Geologists have commenced mapping this extension and pegging additional drill hole locations.
"These are further excellent results from Santa Monica and are meeting and in fact exceeding our objectives of increasing the resources in this deposit which will be the source of our initial plant feed. Upon completion of the drill program we expect to be able to commence the bankable feasibility study and confirm the economic viability of the Halmahera nickel/cobalt project," said John Lynch, Weda Bay President.
Weda Bay Minerals Inc (WDA) is an exploration and development company focused on nickel and cobalt laterite project on the island of Halmahera in Indonesia. 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 previously completed an independent Pre Feasibility Study which concludes that the Halmahera project is viable.(alex)