MEDIA RELEASE
Tuesday, 16 June 2009
LATEST DRILLING RESULTS
EXTEND NEW MARINERS DISCOVERY
Latest Results include 30 metres @ 5.12% Nickel below NO9 Ore Body
Australian nickel mining company Mincor Resources NL (MCR: ASX) has reported the latest results from
follow up drilling at its Mariners Nickel Mine in Kambalda, further strengthening the potential for a major new
discovery below the existing mine workings.
Mincor said today (Tuesday) that the results of the latest holes confirm extensive mineralisation at the
emerging discovery – including another spectacular intersection of 30 metres @ 5.12% nickel, with an
estimated true width of 3.8 metres.
This follows the intersection of 35 metres @ 7.0% nickel (true width 6.4 metres) reported last month, which
occurs some 180 metres beyond the currently known limits of mineralisation at Mariners.
Two of the three latest drill-holes intersected mineralisation 100 metres and 80 metres respectively to the north
and south of this first intersection, indicating a substantial mineralised channel width of at least 170 metres
(see long section attached).
Importantly, the trend towards high nickel grades and/or substantial widths of mineralisation is repeated in the
latest intersections:
MRDH406:
MRDH402:
29.7 metres @ 5.12% nickel (true width 3.8 metres)
16.6 metres @ 1.75% nickel (true width 3.3 metres)
The intersection in MRDH406 occurs in a basalt-basalt position, while the lower grade intersection in
MRDH402 occurs just off the basal contact and is similar to the style of mineralisation on the northern edges
of the NO9 ore body higher in mine. The third hole (MRDH407), based on visual estimates only, failed to
intersect significant mineralisation, supporting the interpreted location of the northern limit to mineralisation
indicated by MRDH402.
Down-hole electromagnetic surveys were completed on holes MRDH406 and MRDH402. Both surveys
indicated strong in-hole and off-hole EM conductors, suggesting a substantial degree of up-plunge continuity
to the mineralisation.
“These results reinforce the potential for a major new ore body at Mariners – the postulated “N10” – located
directly below the currently producing N09 ore body,” said Mincor’s Managing Director, Mr David Moore,
“Mariners is one of our most profitable mines and this work has the potential to add years to its mine life.”
As part of a separate program of infill drilling at Mariners, an excellent intersection was achieved inside the
existing resource boundary in the NO9 ore body but well outside current reserves, and is likely to add
substantially to NO9 reserves:
MRDH409:
28.5 metres @ 4.58% nickel (true width 8.4 metres)
Turning to production, Moore said that Mincor was enjoying another strong quarter, with a rapidly expanding
cash margin as cash costs continued to drop and the nickel price strengthened. “We are again on track to
generate an exceptionally strong net free cash flow for the quarter,” Moore said, “this, together with our
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healthy, debt-free balance sheet means that we are well-placed to drive our growth through the exploration of
our world-class Kambalda land holdings.”
Mincor commenced a major new exploration program earlier this quarter. The Company is currently operating
six underground exploration drill rigs, has just completed three major geophysical surveys (results to be
reported) and will re-commence surface exploration drilling in July. Further exploration results will be released
as they become available.
The information in this Public Report that relates to Exploration Results, Mineral Resources or Ore Reserves is based on information compiled
by Mr Stephen Cowle, who is a Member of The Australasian Institute of Mining and Metallurgy. Mr Cowle is a permanent employee of Mincor
Resources NL. Mr Cowle has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to
the activity that he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the Australasian Code for Reporting of
Exploration Results, Mineral Resources and Ore Reserves. Mr Cowle consents to the inclusion in the report of the matters based on his
information in the form and context in which it appears.
Mincor is Australia’s 3rd largest listed nickel producer.
The Company operates two mining centres in the world class Kambalda Nickel District of
Western Australia, and has been in successful production since 2001.
- ENDS Released by:
Nicholas Read
Read Corporate
Tel: (08) 9388 1474
On behalf of:
Mr David Moore, Managing Director
Mincor Resources NL
Tel: (08) 9476 7200 www.mincor.com.au