Maiden Nickel JORC17 Dec 2018 09:47
Maiden Nickel JORC Compliant Resource,...
Highlights
· Current mine plan provides for an open pit operation processing PGM+Au and associated by-product metals including nickel, chrome, copper and cobalt as outlined in the recent Preliminary Economic Assessment ('PEA')
· High-grade economic nickel and copper sulphide mineralisation identified immediately below the existing PGM resource, potentially extending the scale and life of the open pit operation
· The new resource adds 8 million tonnes of mineral at 0.22% nickel; 0.04% copper; 135 g/t cobalt; 0.21 g/t of PGM+Au at a nickel equivalent grade of 0.39%
· The new resource could add circa US$110 million, at today's spot price, to current estimated project revenue - a 10% increase in revenue
· Strong potential to increase resource as it remains open at depth and along strike
· Minimal additional capex expected to facilitate processing of nickel and copper
· The new nickel and copper resource will be included in the Bankable Feasibility Study ('BFS'), anticipated to be delivered in H1 2019, and is expected to substantially improve already favourable economics
Brian McMaster, Chairman of Jangada, said: "Our ongoing work has enabled us to further understand the dynamics, scale and potential of the ore-body; the Project's main economic drivers are palladium, platinum and nickel and the associated by-products are essentially cream on the top.
"The planned processing route allows us to process and recover all metals in one concentrate from the one plant, meaning that the economics of Pedra Branca have improved substantially. We expect to demonstrate this in the upcoming BFS. Clearly, the current NPV of US$192 million against the Company's current circa £6 million market cap demonstrates a disparity between asset and valuation; we expect this gap to close substantially as we continue to de-risk the Project."
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