MANITOBA — The resource estimate for the Minago nickel deposit in the Thompson Nickel Belt has been revised, reported 100%-owner Victory Nickel of Toronto. Whereas earlier estimates were made on a total nickel basis at a 0.25% cutoff grade, the new numbers indicate nickel sulphide values using a 0.20% cutoff.
The estimate, prepared by Wardrop Engineering, notes measured and indicated resources of 44.1 million tonnes grading 0.43% NiS and inferred resources of 12.0 million tonnes grading 0.44% NiS.
Company president Steve Harapiak said, "Using a sulphide nickel resource gives us a more reliable understanding of the metal that will be recoverable at Minago."
Victory has also provided total nickel resource estimates for comparison purposes with the report prepared in 2006. The January 2009 numbers are 54.2 million tonnes at 0.52% Ni in the measured and indicated categories and 14.6 million tonnes at 0.53% Ni in the inferred category. They represent increases of in situ nickel of 2% (measured and indicated) and 14% (inferred). The deposit remains open at depth.
The Minago feasibility study is due for completion in Q1 2009. Check www.VictoryNickel.ca for additional information.
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