Mincor Anticipates Exceeding Upper End of Nickel Production Forecast

Mincor Resources NL (ASX:MCR) provided its quarterly report for the period ended March 31, 2014, commenting that it produced 2,203 tonnes of nickel-in-ore at a cash cost of AU$5.65 per pound of payable nickel.

The company also said it now sees itself exceeding the upper end of its nickel production forecast for the entire financial year. Further, it anticipates “meet[ing] or better[ing] its cost target.”

Other highlights include:

  • Exceptionally strong exploration drilling progress achieved at both Miitel and Mariners – highlighting outstanding potential for mine-life extensions at both operations.
  • At Mariners a series of wide, high-grade intersections were achieved below the N10B ore body, including a spectacular 16.98 metres @ 7.60% nickel (estimated true width 8.62 metres) in MRDH818.
  • At Miitel an unexpected series of intersections beneath the N30 ore body were achieved, and are of such quality as to alter the geological interpretation in that area and very likely to add substantially to ore reserves. Results include 19.10 metres @ 2.85% nickel (estimated true width of 15.2 metres).
  • In addition, the first hole from the new South Miitel drill drive intersected ore grade mineralisation in the target zone: 5.09 metres @ 2.25% nickel (estimated true width 2.7 metres).
  • A major campaign of regional exploration drilling is planned for the coming quarter, targeting highly-prospective nickel sulphide prospects throughout the Kambalda Nickel District.
  • Significant mining equipment upgrade programme underway with a new Twin-boom Jumbo and a new mid-sized Loader delivered during the Quarter, providing a substantial improvement in development productivity and costs.

Click here to read the full Mincor Resources NL (ASX:MCR) press release.