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Metallica Minerals poised for nickel cobalt resource upgrade at Greenvale

Last updated: 05:25 09 Nov 2010 GMT, First published: 04:25 09 Nov 2010 GMT

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A phase 2 drilling programe will target high grade zones of nickel and cobalt outside the resource boundaries of the Metallica Minerals' (ASX: MLM) Greenvale Nickel-Cobalt Project in Queensland.

An additional 175 drill holes for 4000 metres have now been completed at Greenvale, with another 2000 to 3000 metres to be completed by the end of the year.

The Greenvale indicated and inferred resource currently stands at; 4.5Mt at 1.12% nickel and 0.08% copper, with a higher grade zone of 1.43Mt at 1.39% nickel and 0.11% copper.

Assays for the first 100 holes have been received, with the highlights:

The Power Line prospect:

- 11m @ 1.25% nickel and 0.09% copper from 22m;
- 8m @ 1.49% nickel and 0.14% copper from 36m;
- 10m @ 1.53% nickel and 0.04% copper from 35m; and
- 11m @ 2.00% nickel and 0.17% copper from 39m,

The Powder Magazine prospect:

- 14m @ 1.28% nickel and 0.11% copper from 3m; and
- 6m @ 0.87% nickel and 0.37% copper from 2m.

The Moonscape prospect:

- 5m @ 1.58% nickel and 0.07% copper from om;
- 8m @ 1.22% nickel and 0.28% copper from 2m;
- 16m @ 1.22% nickel and 0.44% copper from 0m;
- 14m @ 1.39% nickel and 0.13% copper from 23m; and
- 8m @ 2.63% nickel and 0.17% copper from 2m.

Phase 2 drilling has returned values of between 20–50 g/t scandium and average approximately 35 g/t.

In addition to the reverse circulation drilling, Metallica has also completed six PQ diamond drill holes for 189 metres at the Greenvale and Lucknow deposits.

The diamond holes were drilled to obtain samples for bulk density determinations, metallurgical testwork and XRD and petrological studies.

Before the end of 2010, Metallica is set to complete; drilling an additional 150 holes for 4,000 metres, survey pick up of all phase 2 drill holes, a survey of existing pit outlines and a Greenvale and Lucknow resource update.

 

Article highlight:

With high grade nickel cobalt hits outside the current resource boundary, the Metallica Minerals resource update due in December is highly anticipated.

 

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