Acoje buoys ENK

ENK has boosted resources at its flagship Acoje nickel laterite project in the Philippines, as the bankable feasibility study for the project nears completion.
Acoje buoys ENK Acoje buoys ENK Acoje buoys ENK Acoje buoys ENK Acoje buoys ENK

The new estimate comprises 40.9 million tonnes of indicated resources at 1.08% nickel and 0.05% cobalt and an inferred resource of 29Mt at 0.96% nickel and 0.06% cobalt, using a 0.8% nickel cut-off grade.

Contained nickel is up 36% to 720,000 tonnes.

The company said nearly all of the inferred material from the 2008 estimate had been converted to indicated, while a further 20Mt had been delineated.

The new estimate used data from 117 diamond drillholes completed since the last estimate.

A BFS for Acoje will be completed midyear, based on an atmospheric tank leaching operation that could be developed in stages.

Pilot testwork indicated cash costs of $US4.33 per pound of payable nickel.

Meanwhile, ENK just completed a 2174 diamond infill drill program on its neighbouring Zambales Chromite Mining Corporation project.

A 23.5Mt resource was announced for the project in 2007, based solely on test pit data.

The company will release an updated resource in the June quarter.

ENK shares closed half a cent higher to A17.5c.

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