For thousands of other reports visit RSC's Mineral Intellingence Map
Mincor Resources NL
Summary
| Project: | Kambalda | |
|---|---|---|
| Deposit: | Kambalda | |
| Location: | Australia | |
| Commodities: | Gold-Nickel-Copper-Cobalt | |
| Date: | 7/24/2019 | |
| Report Code: | JORC | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing Resource Increase/Upgrade | |
| Report details: | 24-7-2019: Mincor Resources NL announces an Exploration/Drilling Update report for its Kambalda deposit at the Kambalda project. Drilling results incl. 5.56m @ 6.67% Ni, 0.48% Cu, 0.16% Co from 491.39m. Commenting on the June quarter, Mincor’s Managing Di | |
| Resources: | ||
| CP/QP: | [Overall Report]: Robert Hartley (Internal) | |
| ABSTRACT: | Commenting on the June quarter, Mincor’s Managing Director David Southam said: “The June quarter was an exceptionally busy and successful period for Mincor with key highlights including the acquisition of Long from IGO for an upfront consideration of $3.5 million through the issue of Mincor shares at a deemed issue price of 45 cents per share, an extremely well-supported $23.3 million capital raising and continued exploration success. “The acquisition of Long has resulted in the first meaningful consolidation of nickel rights and leases on the Kambalda Dome, not seen since the ownership of nickel assets under the stewardship of WMC Resources. Mincor is the logical owner of Long and, through this acquisition we’ve picked up Mineral Resources of 32,000 tonnes of contained nickel grading over 4%, substantial surface and underground infrastructure, a platform to link infrastructure with Mincor’s Durkin deposit and significant exploration opportunities. I would like to acknowledge the Mincor and IGO teams for working cooperatively to complete the transaction, while also welcoming IGO as a Mincor shareholder. “At the same time as announcing the Long acquisition, we completed a significant capital raising to professional and sophisticated investors within just one trading day after receiving overwhelming support and interest from investors. Mincor successfully raised $18 million through a share placement which resulted in the introduction of several large institutional shareholders to our register. The SPP was also extremely well supported, allowing us to close the offer early after raising a total of $5.3 million. There was no scale-back of accepted applications. “Given our focus on re-establishing a sustainable long-term nickel business in Kambalda, it’s imperative that we attract experienced personnel to Mincor as we seek to complete a Definitive Feasibility Study by late this calendar year and move into a development and operational readiness mode. In this regard, we are very pleased to have appointed Dean Will as the Company’s Chief Operating Officer. Dean has significant experience in nickel sulphide underground mining and project development and previously worked for Mincor from 2002 to 2011 in the role of Chief Mining Engineer. “We continue to have drilling success at Cassini with a July drill intercept returning 5.56m at 6.67% nickel. Our plan is to release an updated Mineral Resource in August.” | |
Full Report
opaxe is a smart software platform that reconfigures and redistributes information and produces business insights to help mining professionals and investors make better decisions. We utilise technology and machine learning for data collection and human intelligence for the value-added services.
Full Report