Weda Bay announces further excellent results from Halmahera nickel project
Thursday, May 13 2004 - 01:06 AM WIB
The company said the latest results are from a further 15 holes drilled in a southeast trending ridge to the south of Santa Monica and 23 holes drilled in the large new extension to the north of Santa Monica. Better intercepts from these most recent results from the northern extension include 12.2 metres of 2.11% nickel (SM820), 7.0 metres of 2.22% nickel (SM815) and 4.6 metres of 2.40% nickel (SM814).
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.
Excellent widths and/or grade were intersected in 14 of the 38 holes with a further 22 holes intersected typical thickness and grades that will also be included into future resource calculations.
Exploratory hand auger holes are being drilled on the new laterite development discovered to the northeast well beyond the previously estimated Santa Monica boundaries. The results will be used to plan a drill program for this area in the future. The resource diamond drill rigs have now been moved to the Pintu deposit.
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 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)