Weda Bay reports drilling results from Santa Monica and first results from Pintu
Thursday, June 24 2004 - 12:42 AM WIB
According to the company, better intercepts from these twelve holes include 17.0
metres of 1.34% nickel and 12.5 metres of 1.49% nickel . All holes intersected typical thickness and grades that will be included into future resource calculations.
All drill holes are vertical and intercepts reflect true widths of mineralization. Drilling is continuing in the recently discovered northeast extension of the Santa Monica deposit.
The company also announced The first results from drilling at the Pintu. Results to the north of the existing Pintu resource (an Indicated Resource of 19 million tonnes at 1.47% Ni and 0.10% Co) are very encouraging and include 14 metres of 1.47% nickel and 12 metres of 1.51% nickel. This will enable the Pintu resource area to be extended by 1,500 metres to the north. Further to the north again the mineralization thins and is of lower grade forming a narrow zone of sub-economic mineralization.
A promising new extension of Pintu to the east has been identified and geologically mapped. The first drilling on 400 metre centres in the north of this new area has intersected encouraging mineralization including 6 metres of 2.26% nickel and 15 metres of 1.73% nickel.Drilling is continuing to the south of these first holes to confirm the extent of the new east Pintu area.
President and CEO of Weda Bay Minerals Inc., John Lynch, states, "We are very pleased with the results from Santa Monica to date and are developing a new resource estimate for this deposit. The Pintu results are also very encouraging and will further expand the resource estimates at Pintu."
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)