NORTHERN MANITOBA - Toronto's CROWFLIGHT MINERALS says that the detailed feasibility study of its Bucko project in the Thompson Nickel Belt points toward profitability. The company said in a press release that the project illustrates the ability to deliver a 23.9% rate of return and a net present value at a 10% discount rate of $22.6 million at an average life-of-mine nickel price of US$5.00/lb.
The study identified 1.8 million tonnes of indicated resources grading 2.10% Ni (at a 1.5% nickel cut-off) down to the 1650 level, or about 500 metres below surface. There is an estimated minable reserve of 1.7 million tonnes grading 1.92% Ni. Plans call for rehabilitating the existing shaft, driving an internal ramp, and building a new 1,000-tonnes/day concentrator. Under this scenario, the processing would recover approximately 80% of the contained nickel to produce an average annual 12.5 million lb of contained nickel in a concentrate grading from 17% to 18% Ni.
The full feasibility study is available on SEDAR, www.Sedar.com.
Crowflight has optioned the Bucko property from FALCONBRIDGE. The two companies plan to amend their original agreement allowing Crowflight to earn up to a 100% interest in the Bucko project. Further information is posted at www.Crowflight.com.
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