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Mindoro Resources finds strong nickel, iron grades at Agata

Mindoro Resources finds strong nickel, iron grades at Agata

Mindoro Resources (CVE:MIO, ASX:MIO) announced Wednesday it intersected up to 1.2% nickel, and up to 50% iron at its Agata South property in the Suriago nickel district of Mindanao, Philippines.

Of the 10,000 metre drill program, 7,045 metres, or 645 holes, have been drilled to date at Agata South, which is part of the larger Agata project. Strong, thick nickel and iron grades were intersected at surface, the company said.

Highlights from the drill program included 1.02% nickel at 17.05 metres, including 1.2% nickel over 12.3 metres in hole ASL-3; and 1.07% nickel over 11.7 metres, including 1.08% nickel over 10.5 metres in hole ASL-10.

Several assays returned strong iron results, including hole ASL-1, which found 0.96% nickel over 12.1 metres, including 0.59% nickel, 0.11% cobalt, and 50% iron over 4.7 metres.

"Upon completion of in-fill drilling in July, we will be in a position to upgrade the resource at the Agata Nickel Project," said president and CEO, Jon Dugdale.

"The upgraded resource will be incorporated into the prefeasibility study production schedule and the near-surface high-iron material will be evaluated for early stage production."

Currently, the resource estimate for the Agata project indicates 32.6 million tonnes at 1.04% nickel, for 340,000 tonnes contained nickel in the measured and indicated category.

Mindoro, which is based in Edmonton, Alberta, said it is drill testing regional targets on the Agata project.

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Mindoro Resources Timeline

Newswire
December 07 2010

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