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COPPER-NICKEL EXPLORATION – Podolsky drift hits massive Cu-Ni-Pt-Pd-Au mineralization

ONTARIO - Initial drifting into the Podolsky 2000 deposit on the 2450 level has encountered massive copper-nickel-p...



ONTARIO – Initial drifting into the Podolsky 2000 deposit on the 2450 level has encountered massive copper-nickel-platinum-palladium-gold mineralization throughout the drift. The Podolsky project, owned by FNX MINING of Toronto, is under development. It lies on the northeast corner of the Sudbury Basin.

The exposed mineralization, based on visual estimates and reference to nearby boreholes, is estimated to grade 20-25% Cu, 1-2% Ni and 8.57 to 25.71 g/t of total Pt-Pd-Au. Readers should take a moment and see the picture of this spectacular mineralization at http://file.ccnmatthews.com/release/podolskyleveldriftface.pdf.

The Podolsky shaft reached its planned depth on the 2688 level (820 metres below the surface) a year ago. Drifts on the 1750 and 2450 levels will access the 2000 deposit, and production from the high grade core is expected early in 2008. A production rate of 1,135 t/d is planned. The shaft has excess capacity that will allow for the eventual doubling of the mining rate.

FNX is currently developing a drill drift off the 2450 level to facilitate the definition drilling of the lower portion of the 2000 deposit. When drilling is done, the 2450 level drift will be further extended to acquire a 9,000-tonne bulk sample for metallurgical testing and to facilitate detailed geological mapping, resource and reserve modeling and mine planning. An additional drill drift will be established off of the 1750 level drift, which is currently about 365 metres from the top of the 2000 deposit.

Indicated resources for the 2000 deposit breccia zone are estimated to be 2.94 million tonnes grading 3.37% Cu, 0.30% Ni and 3.77 g/t Pt-Pd-Au. Additional inferred resources in the grey gabbro zone are estimated to be 4.41 million tonnes at 1.16% Cu, 0.15% Ni and 1.37 g/t Pt-Pd-Au, including a higher grade zone of 1.22 million tonnes at 3.12% Cu, 0.37% Ni and 3.43 g/t Pt-Pd-Au.


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