Increase to Sinclair resource

01 October 2007 | 05:34 Code : 15473 Geoscience events
Jubilee Mines NL has announced a further major resource increase for the Sinclair....

  Jubilee Mines NL has announced a further major resource increase for the Sinclair Deposit at the company’s 100% owned Sinclair Nickel Project, near Leonora in the Eastern Goldfields, Western Australia.This increased resource is the result of a program of diamond drilling over the past 6 months that has extended the deposit for a further 300m down plunge to the north.The new ‘0807’ Sinclair mineral resource estimate now stands at 1,892,024 tonnes at 2.5% Ni for 47,300 nickel metal tones.This represents an overall increase in contained nickel of approximately 41% from the previous mineral resource estimate announced in January 2007 (1,214,670 tonnes at 2.77% Ni for 33,697 nickel metal tonnes).The substantial increase in contained nickel metal is largely attributed to the increase of primary mineralisation in both the disseminated and massive sulphide domains which increased in metal by 89% and 34% respectively. It is this proportionate increase in the primary disseminated sulphide component that has reduced the overall grade from the previously reported resource.In addition to these ongoing resource evaluation programs, exploration drilling will continue to test for the interpreted down plunge extensions to the Sinclair Deposit. It is important to understand that the current resource is limited only by drilling and that the deposit remains open down plunge to the north.This latest increased resource estimate, and the strong indications of down-plunge extensions, confirms the Sinclair Deposit as a significant new nickel sulphide discovery that has excellent potential to substantially increase in size.Importantly, the Sinclair Deposit is only a small part of an unexplored ultramafic sequence that extends along strike to the north and south for some 40km.Jubilee recently announced a formal go ahead for the development of the Sinclair Project.This upgraded resource will provide the basis for ongoing project and mine planning, and is expected to result in an increase in planned mine production life

tags: QAZVIN

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