Vancouver —
Nickel assays are in line with, and in some cases exceed, expectations. The best intersections are mainly near the surface, being typically 10-30 metres down-hole. Highlights are as follows:
q Hole 3017 — 10.55 metres averaging 2.10% nickel and 0.064% cobalt starting at 26 metres down-hole.
q Hole 3030 — 12.1 metres averaging 2.64% nickel and 0.095% cobalt starting at 13.65 metres down-hole.
q Hole 3034 — 22.15 metres averaging 2.22% nickel and 0.064% cobalt, starting at 10.2 metres down-hole.
q Hole 3051 — 23.4 metres averaging 2.45% nickel and 0.069% cobalt starting at 4 metres down-hole.
q Hole 3059 — cut 10.2 metres averaging 1.8% nickel and 0.177% cobalt starting at 12.6 metres down-hole.
“We are just at the beginning of our [current] campaign, and the results are excellent,” says Canico President Michael Kenyon. “Our work has resulted in a significant increase in the mineral inventory over historical resource estimates.”
Canico plans to drill a total of 500 widely spaced drill holes along the Ona Ridge. Closer-spaced drilling for a feasibility study will be performed later. The Ona target has a total prospective strike length of about 20 km and hosts several near-surface, blanket-like nickel laterite zones. The reported holes were collared along 2 km of strike length on the top of the ridge.
Consultant Watts Griffis & McOuat estimates Ona has an inferred resource of 22.6 million tonnes grading 2.1% nickel.
Canico intends to drill deeper holes in an attempt to assess the entire mineralized profile. It will also test the extensions of the resource, which are covered by silica caps.
The results of Canico’s initial program at Ona will be used in a new resource calculation.
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