ONTARIO – Toronto-based FIRST NICKEL has completed its offering to raise a total of $11.5 million toward the work at its Lockerby mine near Sudbury and to complete a feasibility study on its Premiere Ridge property.
The Lockerby deposit was mined by Falconbridge from 1976 to 2004. First Nickel began shipping ore from the mine to the Strathcona mill, which now belongs to XSTRATA NICKEL, in December 2005. During the first half of 2006, ore was mucked from the 61 and 63 levels of the Depth zone, at an average of 340 tonnes/day during the second quarter. At the same time ramp development for both the Depth and East zones was ongoing in preparation for mining from the 63 and 64 levels. Old reserve estimates put the numbers at 415,000 tonnes grading 1.53% Ni, 0.66% Cu and 0.04% Co plus about twice as many tonnes at slightly higher grades in the measured, indicated and inferred categories.
The Premiere Ridge property is also a former Falconbridge holding now owned by First Nickel. The property was first examined in 1989 but never put into production. The historic resource is given as 559,000 tonnes grading 1.23% Ni, 0.73% Cu, 0.16 g/t Pt and 0.21 g/t Pd. First Nickel is earning 100% interest, and like Lockerby ore, has agreed to have it milled at Strathcona. The feasibility study is to be completed by Jan. 31, 2007.
More information about the Lockerby mine and the Premiere Ridge project is available at www.FirstNickel.com.