Weda Bay completes resource drilling in Halmahera

Canadian nickel prospector Weda Bay Minerals Inc. announced Tuesday that sufficient drilling had been completed for the estimation of a measured resource at the Santa Monica deposit on Halmahera Island in Indonesia.

The company said prior to the commencement of this drilling it had delineated indicated resource of 65.7 million dry tons at 1.40 percent Ni and 0.09 percent Co with an inferred resource of 13.4 million dry tons at 1.26 percent Ni and 0.11 percent Co totalling 79.1 million dry tons at Santa Monica.

The recent drilling totalling 577 holes and 8,533 meters had resulted in a drill spacing of 100 meters

An independent variography analysis on this deposit indicates that this spacing is sufficient for the limonite resource to be classified as measured.

The company said all drill samples had been submitted for assay and final assay results were expected within six weeks. On receipt of these results and the completion of refined geological and topographic mapping the resource block model would be updated and a new resource published.

Drilling activities would be focused on the Jira River deposit to delineate additional measured resources and on regional drilling at Pintu to assess the potential for this prospect, said the company.

Weda Bay Minerals Inc is progressing with its detailed feasibility study on its extensive nickel and cobalt laterite deposits on Halmahera Island in Indonesia.(*)