Weda Bay discovers more mineral in North Maluku

PT Weda Bay Nickel, which is developing a nickel prospect in Halmahera Island, North Maluku province, said the preliminary results of its drilling program at the Pintu area of the island indicated a further discovery of a significant laterite deposit containing nickel and cobalt.

In a statement made available to Petromindo.Com on Friday, Weda Bay Minerals Inc of Canada, which controls Weda Bay Nickel, said the drilling showed the laterite deposit contained potential resource grade nickel and cobalt limonite mineralisation with the grade of between 0.96 - 1.47 percent and 0.11 -0.18 percent respectively.

Weda Bay Nickel is progressing with its detailed feasibility study on its extensive nickel and cobalt laterite deposits, the company said.

Potential ore resources at the area are between 400 and 600 million dry tons.

Weda Bay Minerals, which is listed in Toronto, Canada, holds 90 percent shares in Weda Bay Nickel, while the rest is held by Indonesian state mining company PT Aneka Tambang Tbk. (alex)