ONTARIO FIRST NICKEL of Toronto reports that indicated resources at its Lockerby nickel-copper mine have grown by more than four times what there were before. Based on over 28,000 m of drilling, the NI 43-101-compliant estimate is 1.0 million t grading 2.07% Ni, 1.45% Cu and 0.07% Co from the 64 to 67 levels. Contained nickel is 38.0 million lb, up 475% from the previous estimate in July 2005. From the 67 to 72 levels, the deposit has inferred resources of 1.8 million t grading 1.98% Ni, 1.12% Cu and 0.07% Co.
Based upon this estimate, First Nickel will undertake a new life-of-mine study that will include engineering and economic comparisons of shaft extension options, and mine design. First Nickel anticipates that a majority of the indicated resources will be converted to reserves resulting in a significant increase in the reserves and greatly increasing the life of the Lockerby operations.
Significant potential exists to expand this resource estimate below the 67 level, says First Nickel, and drilling is ongoing to define this potential to the 72 level in the Lockerby Depth zone. Additional opportunities exist in and around the historic mine workings above the 46 level where a great deal of effort has been expended entering all of the old diamond drill hole data into a workable digital database to define the areas of opportunity.
The history, geology and drill hole results for the Lockerby mine are posted at www.FirstNickel.com.