Mindoro Resources Limited CA:MIO +6.25% announced the positive results from its Agata South nickel laterite drilling program with strong nickel and iron grades intersected at surface and thicker than expected limonite and saprolite profiles.
Agata South is part of the larger Agata Project located in the Surigao nickel district of NE Mindanao Philippines which hosts the NI 43-101 compliant Agata mineral resource several kilometers to the north. As illustrated on the accompanying map Agata South encompasses 3 areas of nickel laterite mineralization with the southern most of those initially drilled at 100m x 100 meters centers now with in fill drilling underway at 50m x 50m centers.
A total of 645 holes for 7,045 meters of 10,000 meters program to systematically test regional nickel targets have been completed. A table of results from the first 41 drill holes at Agata South is attached to this release with highlights summarized below:
1. ASL-1 - Total 12.1 meters 0.96% Ni from surface
Including 4.7 meters 0.59% Ni, 0.11% Co, 50% Fe from surface and 7.4 meters 1.20% Ni from 4.7 meters saprolite.
2. ASL-3 - Total 17.05 meters 1.02% Ni from surface
Including 4.75 meters 0.53% Ni, 46% Fe from surface and 12.3 meters 1.20% Ni from 4.75 meters saprolite.
3. ASL-4 - Total 10.50 meters 1.06% Ni from surface
4. ASL-8 - Total 14.30 meters 0.93% Ni from surface
Including 7.0 meters 0.77% Ni, 0.11% Co, 47% Fe from surface and 7.3 meters 1.09% Ni from 7 meter saprolite.
5. ASL-10 -Total 11.70 meters 1.07% Ni from surface
Including 10.50 meters 1.08% Ni from 1.2 meters saprolite.
6. ASL-45 - Total 9.00 meters 1.05% Ni from 2.85 meters
7. ASL-49 - Total 14.45 meters 0.94% Ni from 0.20 meters
Mr Jon Dugdale president & CEO of Mindoro said that "We are very pleased with the strong nickel and iron results generated from drilling at Agata South. Upon completion of in fill drilling in July we will be in a position to upgrade the resource at the Agata Nickel Project. 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."
