Mindoro Resources owns a 40% interest in AMVI and TVI Resource Development (Phils.) owns a 60% stake and is the operator
Results from this program will be used to increase the confidence level of the existing nickel laterite resources and potentially expand the size of the deposit. An updated NI43-101 report is expected for completion in the third quarter of 2015.
Mindoro interim CEO Luis Santos said: "The completed drill program will significantly improve our understanding of the Agata nickel laterite deposit and its resource potential.
"We expect the results to potentially increase the size of the resource and serve as a guide for ongoing mining activities at the Agata nickel laterite direct shipping ore ("DSO") operations to further enhance AMVI’s underlying value and Mindoro’s 40% interest."
Exploration Program Summary
As announced in news on November 26, 2014, AMVI commenced a detailed diamond drilling program in October 2014 consisting of in-fill and step-out drill holes on the Agata nickel laterite orebody to upgrade and increase the resources previously disclosed in April 2013.
The program of 986 drill holes was completed in the span of six months with up to 17 drill rigs mobilized at one time and comprised of 907 in-fill holes and 79 step-out holes.
Of the 907 in-fill holes, 583 holes (totalling 10,520.7 metres) were drilled at 25-metre-by-25-metre spacing and 324 holes (totalling 5,348.1 metres) were drilled at 50-metre-by-50-metre spacing.
Results have shown average nickel and iron grades for saprolite horizons of 1.3% nickel and 14% iron while limonite intercepts averaged 1.1% nickel and 49% iron (both at a cut-off grade of 0.8% nickel). Significant intercepts of up to 4.3% nickel and 55% iron were encountered at vertical thicknesses ranging from 6 to 22 metres. These results will be used primarily to upgrade the confidence level of current known resources from the "Indicated" category to the "Measured" category.
A step-out drill program consisting of 79 holes (totalling 899.3 metres) was also completed with positive results. A total of 78 out of 79 holes drilled in the southwest, central and northeast areas surrounding the current Agata mining area intercepted limonite and saprolite ore with nickel grades above 0.8%.
Approximately 22 holes had intercepts ranging from 10 to 24 metres of nickel-rich horizons with grades equal to or greater than 1.3%. The maximum iron grade recorded from the step-out holes was 54%. These results will be incorporated into the updated NI43-101 report and may expand the current resources at the project.
