Zeb Nickel (TSX-V:ZBNI) Corp has hailed the latest drill results from its flagship Zebediela nickel project in South Africa, which confirmed that higher grade mineralization lies below the historical NI 43-101 resource and is potentially amenable to open-pit mining.
The company has now completed a first and second phase drill program with 14 holes sunk. The latest phase successfully hit the so-called 'Critical Zone' lithologies in all holes and Critical Zone rocks have now been uncovered along three kilometres (km) of strike.
Notably, this 'Critical Zone' of the Bushveld Complex is the geological horizon that hosts Platreef-style mineralization, which is currently being mined at Anglo American Platinum's flagship Mogalakwena mine, and Ivanhoe Mines Platreef mine.
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Zeb Nickel highlighted that a weighted average calculation using a cut-off grade of 0.31% nickel (Ni) from this phase of drilling had resulted in a 76% higher grade than that which was declared in the historical resource used in the existing preliminary economic assessment (PEA).
Highlight drill results include 6.4 grams per ton (g/t) three platinum group elements plus gold (3PGE+Au) with 89% platinum content, and 0.39% nickel at 72m depth below surface, and 0.71 g/t 3PGE+Au, at 58% palladium content, and 1.7 % nickel at 260m depth below surface.
The existing resource shows 485.4 million tonnes averaging 0.245% Ni in the indicated category, with 1,115.1 million tonnes at 0.248% Ni in the inferred, using a cut-off grade of 0.1% Ni.
"With two major mining companies in our area exploiting the same Critical Zone lithologies which host the Ni-PGE mineralization that we have recently discovered as part of our recent exploration campaign, and the recent increases in nickel and palladium prices, we are encouraged with the results to date," said Wayne Isaacs, the CEO of Zeb Nickel in a statement.
"We look forward to receiving the remaining assay results and we are confident that these will continue to add value to the overall project economics."
Assays from five holes are pending from the phase of drilling and the firm said it was looking forward to beginning the next phase of drilling, which should allow for a maiden Ni-PGE resource statement on this higher-grade Ni-PGE mineralization target and allow for a new PEA with improved economics.
Zeb Nickel Corp explores for and develops projects related to the supply of metals critical for the electric vehicle (EV) and clean energy revolution.
Contact the author at giles@proactiveinvestors.com