Through its 50% owned Venezuelan subsidiary, Cofeminas, Jordex Resources (VSE) recently started a work program on the Loma Hierro laterite nickel deposit about 50 km southeast of Caracas, Venezuela.
Cofeminas has a 100% interest in the property which hosts an estimated 38.5 million tonnes grading 1.55% nickel and 0.05% cobalt.
The reserve estimate, completed in 1966, is based on about 21,000 metres of drilling done from the 1940s to the 1960s.
A recently completed review of old data by consultants Terrence Podolsky & Associates estimates the deposit contains undiluted preliminary reserves of 22.4 million tonnes grading 1.8% nickel and 25.7% iron in a blanket-shaped deposit averaging about six metres in thickness. The strip ratio is estimated at about 0.2-to-1.
Jordex plans to reaffirm original data and attempt to increase reserves in its current program. The program includes about 3,000 metres of mechanized auger drilling as well as additional work in existing test pits that remain open to expansion.
Once the original data are confirmed, Jordex plans to move ahead with a prefeasibility study on the project.
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