Resource Mining Corporation (ASX:RMI) has defined a DSO Exploration Target of 40 million to 60 million at 1.6% to 1.8% nickel for its Wowo Gap Nickel Laterite Project in Papua New Guinea.
This includes additional metal credits including 0.07% to 0.15% cobalt, 0.8% to 1.2% manganese, 2% to 3% Cr2O3 and 25% to 35% Fe2O3.
Nickel ores grading 1.6% to 1.8% are currently trading at more than US$100 per tonne CFR China.
The company had identified the target following a comprehensive review if existing exploration and drill hole data.
Data has demonstrated that elevated nickel grades tend to occur at the end of auger core drill holes that were drilled to test the softer limonite zone overlying the rocky saprolite layer beneath.
This suggests the nickel grade of the underlying saprolite ore is likely to be higher in grade than the overlying limonite ore.
Resource Mining plans to commence testing in August with initial ground penetrating radar to define the limonite and saprolite contact.
The information will in turn be used to inform the detailed planning of a subsequent diamond drilling program over these areas with holes spaced apart 50 metres apart along 200 metre spaced lines.
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