Pacific Nickel is advancing two near term development high-grade nickel exploration projects, Kolosori (80%) and Jejevo (80%), located on Isabel Island within the Solomons. The remaining 20% of both projects is held by traditional landowners.
Both the Kolosori and Jejevo Nickel Projects are advanced stage direct shipping ore nickel laterite projects with excellent potential for development. The projects have a number of positive aspects including their close proximity to the coast, no processing requirements, low capital route to production and local landowner support.
At Kolosori the Company has already confirmed a Mineral Resource of 5.89Mt at 1.55 % Ni at a 1.2% Ni cut off. A 224-hole drill program has been designed with stage 1 (83 holes) completed and samples awaiting assaying in Brisbane. Stage 2 drilling is currently underway and progressing on schedule. The program was designed by Mining One has been prepared to increase the JORC resource confidence level of the resource estimate for the development of the project.
Resindo Resources and Energy group have completed a financial and technical study, which has identified that the proposed production rate of around 1.3mtpa is comparable with direct ship ore (“DSO”) nickel operations in Indonesia. A mining lease for Kolosori has been submitted to the Solomon Islands Ministry of Mines.
An initial stage 26-hole drilling program at Jejevo was completed earlier this year with all 26 holes intersecting nickel mineralisation. Significant high-grade intervals include:
SJT-04: 8m @ 2.18% Ni from 2m
SJT-15: 9.4m @ 2.11% Ni from 2m
SJT-09: 8m @ 1.93% Ni from 2m
Pacific Nickel’s value proposition is a compelling one. With an existing JORC resource at Kolosori and further drilling underway to increase the confidence levels of the Mineral Resource and test for extensions, there remains substantial room for value accretion for investors as we progress towards development and production. Over the coming year as the company rapidly presses forward through feasibility and towards production, we will continue to de-risk these projects and add value to shareholders with a simplistic development pathway via our proposed DSO projects.
* 03 October 2023 (AUD)