Jervois Mining Completes Re-Assessment of Young Co-Ni Project in New South Wales
TSX VENTURE: JRV
West Perth, WA / November 20, 2017 / JMN Wire / Jervois Mining Limited’s (ASX: JRV) (“Jervois” or “the Company”) new management team, in conjunction with geological advisers Snowden Mining Industry Consultants Ltd (“Snowden”) and Geostat Services Pty Ltd (“Geostat”), have completed a re-assessment of the 100% owned Young Cobalt-Nickel project in New South Wales, Australia (“Nico Young” or “the Project”).
The focus of these initial efforts is an update of the Nico Young mineral resource by Geostat, who had earlier prepared the previous resource estimate for the Company in 2012. The updated mineral resource is reported and classified in accordance with the guidelines as set out in the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves” (JORC, 2012 Edition). This estimate differs from the 2012 resource due to additional drilling completed in 2014, identification of laterite cobalt zones not previously modelled; offset by a reduction due to the exclusion from the geological model of deeper mineralized zones located to the north (West Thuddungra and Tyagong). These deeper zones were located within Exploration Licenses that were relinquished during 2016.
- JORC Inferred resource of 167.8Mt @ 0.59% Ni and 0.06% Co (using a 0.6% Ni equivalent cut-off); including a higher grade zone of 42.5Mt @ 0.80% Ni and 0.09% Co (using a 1.0% Ni equivalent cut-off)
- Within this mineral resource, focusing on cobalt provides a JORC Inferred resource of 99.1Mt @ 0.58% Ni and 0.08% Co (using a 0.05% Co cut-off) including 33.4Mt @ 0.66% Ni and 0.12% Co (using a 0.08% Co-cut off)
- Subsequent infill drilling program to focus on upgrading the resource to Indicated status category under JORC, and on delineating shallow, higher grade cobalt zones that may be amenable to early mining. Current cobalt resources that are open to the east will also be tested