NICKEL STUDY: PEA prepared for Lac Rocher

QUEBEC VICTORY NICKEL of Toronto has received the preliminary economic assessment of its Lac Rocher nickel-copper...
QUEBEC VICTORY NICKEL of Toronto has received the preliminary economic assessment of its Lac Rocher nickel-copper project 140 km northeast of Matagami. The report was prepared by ROCHE LIMITED CONSULTING GROUP.

The Lac Rocher PEA proposes two phases of mining that would extract 317,730 tonnes of material at a grade of 1.57% Ni, 0.58% Cu and 0.053% Co. The first phase involves underground contract mining using cut-and-fill techniques over a period of 24 to 26 months. Phase One will recover 65,000 tonnes grading 1.75% Ni, 0.57% Cu and 0.062% Co. Phase Two would recover a further 257,730 tonnes of ore grading 1.52% Ni, 0.59% Cu and 0.051% Co.

This would result in the production of 38,400 tonnes of a nickel-copper-cobalt concentrate containing some 8.9 million lb of nickel, 3.7 million lb of copper and 350,000 lb of cobalt. The PEA shows that metal prices of US$9.74/lb nickel, US$3.65/lb copper and US$30.43/lb cobalt (at an exchange rate of Cdn$1.00:US$0.95) are necessary for the project to break even on a pre-tax, 100% equity basis.

Victory noted that the PEA included the use of inferred resources, making it highly speculative.

Victory is also awaiting the results of a feasibility study on its Minago nickel project and an updated block model of its Mel deposit, both in Manitoba. Details are available at www.VictoryNickel.ca.

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