Altai Resources (TSE) has acquired a 40% working interest, plus a 10% net smelter return, on a nickel-cobalt property in the Philippines, and plans to carry out a feasibility study this year.
The 17-sq.-km property is on Sibuyan Island, about 300 km southeast of Manila, and the deposit is a nickel-bearing laterite. It was previously explored by a Philippine company and by two Japanese companies, Pacific Metals and Mitsui Mining & Smelting.
Mitsui calculated reserves of 7.2 million tonnes grading 1.61% nickel and 0.05% cobalt, using a cutoff grade of 1.3% nickel. Mitsui also outlined a higher-grade, direct-shipping reserve, calculated at a 1.5% cutoff, of 2.7 million tonnes grading 1.8% nickel.
Be the first to comment on "Altai adds to Asian portfolio"