The study was completed by
Alaska
The results of the 2023 Resource are reported below: Total Eureka Zone MRE contains an inferred mineral resource of 1.5 billion pounds of nickel, 372 million pounds of copper, and 115 million pounds of cobalt, plus a total of 1.34 million ounces of platinum, palladium, and gold in a constrained model totaling 319.6 million tonnes at an average grade of 0.30% total nickel equivalent ('NiEq') using a 0.20% NiEq cut-off grade.
The Eureka Zone East MRE contains an inferred mineral resource of 471 million pounds of nickel, 165 million pounds of copper, 34 million pounds of cobalt, plus 549 kozs of platinum, palladium, and gold in a constrained model totaling 88.6 million tonnes at an average grade of 0.35% total NiEq using a 0.20% NiEq cut-off grade.
The Eureka Zone West MRE contains an inferred mineral resource of 1,081 million pounds of nickel, 208 million pounds of copper, 81 million pounds of cobalt, plus 792 kozs of platinum, palladium, and gold in a constrained model totaling 231 million tonnes at an average grade of 0.28% total NiEq using a 0.20% NiEq cut-off grade.
Deposits in the 2023 Resource are defined by 8 of 37 drill holes cored prior to 2023. Several of the remaining drill holes provide early confirmation that the mineralization is interconnected across all three deposits. The deposits remain open in all directions.
The Eureka Zone East and Eureka Zone West MRE are located approximately two kilometers away from each other.
Received and pending assay results from the eight-hole 2023 drill campaign are not included in the 2023 Resource. These eight holes were completed as 250 to 300-meter ('m') step-outs to build outward from the 2023 Resource for the Eureka East,
Chrome and Iron are also present within the deposits but have not been reported in the 2023 Resource due to the lack of historical assay data and analytical methods used.
MINERAL RESOURCE ESTIMATION CALCULATION METHODOLOGY
The geologic model used for the reporting of mineral resources is a 3D block model, developed using Hexagon Mining's geological modelling and mine planning software, MinePlan version 16.0.4. The block model was developed using NAD 1983
These three zones are called
The mineralized zones were built using Seequent's Leapfrog Geo software from a drill hole database of 37 drill holes. Mineral sample assays have been validated in eight (8) of the 37 drill holes and assay data from these holes has been used to estimate grades for nickel (Ni), copper (Cu), cobalt (Co), platinum (Pt), palladium (Pd), gold (Au), silver (Ag), iron (Fe) and chromium (Cr). All metals, excluding Ag, Fe and Cr, have been used to calculate a Ni equivalent grade based on average (24 month) market prices. Only Au grades were capped prior to estimation at 55 parts per billion (ppb) for the Eureka 2 zone and 30 ppb for the Eureka 3 zone. Ni is approximately 76% of the total value of the metals included in the equivalent grade calculation.
Reasonable prospects for economic extraction have been determined by calculating a Ni cutoff grade of 0.20 percent (%) using the following assumptions: Mining costs
Resources are reported from within an economic pit shell at 45-degree constant slope using Hexagon mining Pseudoflow algorithm. No underground mining is considered. Assumed revenue used to drive the pit shell is
Mineral Resource Estimate Preparation
The MRE has been prepared by
Metallurgy
All three deposits in the 2023 Resource contain desirable nickel sulfide mineralization consisting of thick, layered horizons of nickel and copper sulfides, which are enriched in cobalt, platinum, palladium, and gold. Preliminary deportment assessments for the EZ2 mineralization were completed by
Results from these two assessments indicate an average of 83.4% of the total nickel is in potentially recoverable phases of Ni-sulfides and Ni-Fe alloys. The Company also analyzed copper deportment at that time, with an average of 74% of the total copper in potentially recoverable phases of Cu-sulfides and Cu-oxides. Additional deportment studies and bench scale testing are ongoing with core samples from the 2023 step-out drill program. Results from ongoing studies will be released when completed.
ABOUT
Contact:
Tel: 604-638-3164
Email: sarah@finaleditpr.com
Some statements in this news release may contain forward-looking information (within the meaning of Canadian securities legislation), including, without limitation, (a) that the Company will receive all assay results for samples submitted, b) that the Company will complete metallurgical and deportment studies, c) the estimation of Mineral Resources, (d) that the Technical Report will be completed and that it will be filed within 45 days, and (e) that an updated Mineral Resource is expected to be completed in 2024. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties, and other factors that may cause the actual results, performance, or achievements to be materially different from any future results, performance, or achievements expressed or implied by the statements. Forward-looking statements speak only as of the date those statements are made. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements do not guarantee future performance, and actual results may differ materially from those in the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include regulatory actions, market prices, and continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance, and actual results or developments may differ materially from those projected in the forward-looking statements. Forward-looking statements are based on the beliefs, estimates, and opinions of the Company's management on the date the statements are made. Except as required by applicable law, the Company assumes no obligation to update or to publicly announce the results of any change to any forward-looking statement contained or incorporated by reference herein to reflect actual results, future events or developments, changes in assumptions, or changes in other factors affecting the forward-looking statements. If the Company updates any forward-looking statement(s), no inference should be drawn that it will make additional updates with respect to those or other forward-looking statements.
(C) 2023 Electronic News Publishing, source