Mineral Resources & Ore Reserves

Mineral Resources

Total Mineral Resources for the Savannah Project, as reported by the Company on 24 August 2016, comprise 226,400t Ni, 104,700t Cu and 15,300t Co metal contained (Table 1) (refer to the Company’s ASX announcement of 24 August 2016).  Mineral Resources are inclusive of Ore Reserves.  All Resources are reported at a nickel cut-off grade of 0.50% Ni.  The Mineral Resources used in the Savannah FS comprise Savannah Above 900F and Savannah North.  The Resource outlines and drill-hole pierce points within the Savannah North Upper and Lower Zones are shown in Figures 1 and 2.

Table 1 – Savannah Project Mineral Resource Estimate as at 24 August 2016
Table 1 Mineral Resources

Figure 1 – Plan view showing drill-hole pierce points within the Savannah North Upper Zone Resource

UpperZone_B_ 22 08 16

Figure 2 – Plan view showing drill-hole pierce points within the Savannah North Lower Zone Resource

LowerZone 01 02 17

Ore Reserves

The maiden Ore Reserve for Savannah North, based on the results of the Savannah FS, is estimated to be 6.65Mt @ 1.42% Ni, 0.61% Cu and 0.10% Co for contained metal of 94,500t nickel, 40,900t copper and 6,700t cobalt.  The Reserve is classified as Probable under JORC 2012.  JORC Table 1 Section 4 in relation to the Savannah North Ore Reserve was included in Appendix 1 of the ASX Release dated 2 February 2017.

Total Ore Reserves for the Savannah Project, including the remaining Ore Reserve at Savannah as at 30 June 2016 (refer to the Company’s ASX announcement of 30 September 2016) are shown in Table 2.

Table 2 – Savannah Project – Ore Reserves as at 2 February 2017
Tab 2 Ore Reserves

Notes:

  • Figures have been rounded and therefore may not add up exactly to the reported totals
  • Savannah Project Reserve cutoff grade is 0.80% Ni