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GME Resources Ltd.
Summary
| Project: | NiWest | |
|---|---|---|
| Deposit: | NiWest | |
| Location: | Australia | |
| Commodities: | Nickel-Cobalt | |
| Date: | 8/2/2018 | |
| Report Code: | JORC | |
| Report Type: | Pre-Feasibility Study | |
| Project Stage: | Pursuing Feasibility Study | |
| Report details: | 2-8-2018: GME Resources Ltd. announces a Pre-Feasibility Study report for its NiWest deposit at the NiWest project. PFS results incl. post-tax NPV of A $791 (8%), IRR of 16.2%, Initial ore reserve at project. GME Resources Limited (GME or the Company) (AS | |
| Resources: | (Reserve, Prob.): 64.9Mt @ 0.91% Ni, 0.06% Co | |
| CP/QP: | [Resources]: David Reid (Golder Associates) | |
| ABSTRACT: | GME Resources Limited (GME or the Company) (ASX:GME) is pleased to announce the completion of the PreFeasibility Study (PFS) on its 100%-owned NiWest Nickel-Cobalt Project in Western Australia (NiWest or NiWest Project). The NiWest PFS has confirmed the technical and financial robustness of a long-life operation directly producing high-purity nickel and cobalt sulp GME’s Managing Director, Jamie Sullivan, said: “Through its recently completed PFS, GME has made outstanding progress in delineating an attractive development pathway for the NiWest Nickel-Cobalt Project.” “The PFS has confirmed the technical and financial merits of the development of a stand-alone processing facility to treat the NiWest deposits. The chosen processing route for NiWest adopts commercially proven, lower-risk, lower-capital intensity heap leaching, coupled with highly efficient Direct Solvent Extraction. The elevated technical and economic risks associated with High Pressure Acid Leaching and Atmospheric Leaching have been consciously avoided. The net result is forecast low-cost production of high-purity nickel and cobalt sulphates. “The maiden NiWest Ore Reserve, which is based solely on the Eucalyptus, Hepi and Mt Kilkenny deposits, delivers plus-1% nickel and approximately 0.07% cobalt ore to the plant for the first 18 years. A substantial opportunity exists to extend this high-grade feed profile through the potential conversion of Inferred material and/or inclusion of up to four other deposits into the project schedule. “Over an initial operating life of approximately 27 years the NiWest Project is expected to produce 456kt of nickel and over 31kt of cobalt at a forecast net cash operating cost of around US$3.20/lb. “The projected Class 1 nickel supply/demand deficit and the rapidly growing demand for nickel and cobalt sulphate products from the Electric Vehicle Li-ion battery market creates an attractive environment for GME to pursue the development of, and value realisation from, the NiWest Project. “Importantly GME will now utilise the PFS to undertake an intensive period of engagement with potential strategic partners and offtake parties for the NiWest Project. Alongside that we will be working up the proposed scope for a Definitive Feasibility Study, assessing a range of additional value engineering op | |
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