Situated on Halmahera Island, Santa Monica is the largest of at least 11 deposits that have been found on the same property. Combined, they have a measured and indicated resource of 133 million tonnes grading 1.37% nickel and 0.11% cobalt. There is also an inferred resource of 82 million tonnes grading 1.33% nickel and 0.1% cobalt.
Weda Bay began stepout drilling in the northeastern extension of Santa Monica in February; extensions to the south and southeast were also targeted. Results from 55 holes were received by mid-April. Highlights included: 31.1 metres grading 1.76% nickel and 0.04% cobalt; 22 metres grading 1.44% nickel and 0.19% cobalt; and 13.8 metres grading 1.58% nickel and 0.09% cobalt. Eleven of 55 holes returned no significant intersections; all other holes returned values ranging from 0.87 to 1.96% nickel and 0.01-0.45% cobalt over widths ranging from 0.8 to 31 metres.
In May, results from another 38 holes confirmed that Santa Monica extends to the south along a southeast-trending ridge, as well as farther to the northeast. Among the highlights from this drilling were 32 metres grading 1.48% nickel and 0.08% cobalt, which included an intercept of 12.2 metres grading 2.11% nickel, and 11.7 metres grading 1.96% nickel, which included 7 metres of 2.22% nickel. Two holes returned no significant assays; others returned assays ranging from 0.84% to 2.4% nickel over widths of 1-32 metres.
Santa Monica has a measured and indicated resource of 46.4 million tonnes grading 1.32% nickel and 0.12% cobalt, though this needs to be revised to reflect the latest drill results.
The nickel-cobalt mineralization is associated with laterite and saprolite.
The property is held under a contract-of-work between the Indonesian government and Weda Bay Nickel. An Indonesian company, Weda Bay Nickel is owned 90% by a subsidiary of Weda Bay Minerals and 10% by Aneka Tambang, a publicly listed company controlled by the government.
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