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Mindoro Resources Ltd.: Agata Nickel Resource Further Increased
Text: EDMONTON, ALBERTA--(Marketwire - Sept. 8, 2010) - Mindoro Resources Ltd.
TSX VENTURE:MIO) (FRANKFURT:WKN 906167) today announced a further significant increase to the Mineral Resource estimate for the Agata Nickel Project based on a review and reinterpretation of the basal saprolite contact and a change in model parameters. The Measured and Indicated resource has increased to 32.6 million tonnes at 1.04 percent nickel for 340,000 tonnes of contained nickel. This is an increase of 2.9 million resource tonnes and 33,000 tonnes of contained nickel compared to the previously announced estimate. In addition there is an Inferred Resource of 1.7 million tonnes at 1.04% nickel.
The recalculated mineral resource estimate is tabulated below.
Contained Metal
(K Tonnes)
Metric --------------------
Classification Horizon K Tonnes Ni % Co % Fe % Ni Co Fe
--------------------------------------------------
Measured Limonite 247 1.01% 0.12% 48% 2 0.3 119
Saprolite 535 1.15% 0.03% 11% 6 0.2 59
--------------------------------------------------
Subtotal 782 1.10% 0.06% 23% 9 0.5 177
--------------------------------------------------
Indicated Limonite 9,963 0.94% 0.11% 46% 94 11.0 4,583
Saprolite 21,847 1.09% 0.03% 11% 238 6.5 2,403
--------------------------------------------------
Subtotal 31,811 1.04% 0.06% 23% 332 17.5 6,986
--------------------------------------------------
Measured & Limonite 10,210 0.94% 0.11% 46% 96 11.3 4,702
Indicated Saprolite 22,382 1.09% 0.03% 11% 244 6.7 2,462
--------------------------------------------------
Subtotal 32,592 1.04% 0.05% 23% 340 18 7,164
--------------------------------------------------
Inferred Limonite 260 1.00% 0.11% 44% 2.6 0.3 117
Saprolite 1,421 1.05% 0.03% 11% 14.9 0.4 171
--------------------------------------------------
Subtotal 1,681 1.04% 0.04% 17% 17.5 0.7 288
--------------------------------------------------
-- Total metal contents in the reported resources represent metal in the
ground and have not been adjusted for metallurgical recoveries and other
factors which will be considered in later study
-- Mineral resources which are not mineral reserves do not have
demonstrated economic viability
-- The estimate of mineral resources may be materially affected by
environmental, permitting, legal, title, taxation, socio-political,
marketing or other relevant issues.
The resource review and recalculation was carried out by Mark Gifford MSc (Hons), MAusIMM an independent qualified person as defined by NI 43-101, in conjunction with Quantitative Group in Perth, Australia. The resource estimation method applied was Ordinary Kriging. Cut-off grades applied to the resource were 0.5 percent within the Limonite zone and 0.8 percent within the Saprolite zone. Mr. Gifford has indicated that the density of drilling and continuity of mineralization is sufficient to classify the estimated resource and has verified and authorized the technical information detailed in this release. Mr. Mark Gifford has 22 years of experience as a professional geologist including in a geological managerial position at the Murrin Murrin nickel laterite project in Western Australia and experience on other Nickel Laterite projects around the world. The Ni 43-101 compliant technical report will be filed on SEDAR within 45 days.
Initial open pit mine designs are in progress based on the new mineral resource model. The objective of this work is to produce a mineral inventory and preliminary production schedule based on the requirements of nickel pig-iron producing offtakers for 0.9% to 1.1% Nickel and greater than 48% Iron Limonitic material and Chinese Electric Arc Furnace (EAF) and/or other acid leach or ferronickel processors that require material grading greater than 1.5 percent Nickel at varying iron content.
The major acid-leach project scoping studies, including additional metallurgical testing, are due for completion late September 2010. A thermal upgrading scoping study is also in progress through Hatch Engineering.
Regional drilling of the nickel laterite exploration target is progressing, initially in the Tapian area and nickel laterite mineralization has been intersected. Initial results are expected over the coming weeks.
The reader is cautioned that the potential quantity and grade of the Exploration Target is conceptual in nature; it is uncertain if further exploration will result in the Exploration Target being delineated as a mineral resource and there is no guarantee that these resources, if delineated, will be economic or sufficient to support a commercial mining operation. The company's production objectives are intended to provide an indication of management's current expectations and are still conceptual in nature. It is uncertain that it will be established that these resources will be converted into economically viable mining reserves. Until a feasibility study has been completed, there is no certainty that these objectives will be met.
Tony Climie, P.Geol, is the company's Qualified Person as defined by National Instrument 43-101, who is responsible for monitoring the supervision and quality control of Mindoro's exploration programs and who has reviewed and verified the technical information contained in this news release. Sample preparation and assaying were performed by Intertek Testing Services, Phils., Inc. (ITS). The ITS Phils. facility is among Intertek's global network of mineral testing laboratories. It provides high quality assay analysis of mineral samples for nickel deposit exploration projects. Each sample is analyzed for nickel (Ni), cobalt (Co), iron (Fe), magnesium(Mg), aluminum (Al), silica (SiO2), CaO, Cr2O3, K2O, MnO, Na2O, P2O5, and TiO2. Whole rock analyses are done using X-ray Fluorescence (XRF). The samples are fused using lithium metaborate. XRF analysis determines total element concentrations that are reported as oxides. Intertek mineral testing laboratories implement quality protocols. Normal Quality Control and Quality Assurance procedures are being carried out, using a system of repeat analyses plus split sample analyses and the use of standard reference materials and blanks. Mindoro has also conducted assay verification using standard samples and re-assaying field and pulp duplicates.
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