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Nickel Industries Triples Maiden Resource

Nickel Industries, announced an increase to their maiden resource on Monday which sent the stock price launching. According to the announcement, the firm's mineral resource is now 300 million dry metric tonnes (dmt), with an average grade of 1.22 percent nickel and 0.09 percent cobalt. It's the same as about 3,700,000 tonnes of nickel metal and 270,000 tonnes of cobalt.

Since the previous resource update in June 2020, there has been a 333% increase in measured resources, 20% increase in indicated resources, and 53% increase in inferred resources. Management claims that this makes a huge difference in the reliability of the current estimate of remaining resources by transforming inferred and indicated resources into measured resources.

This mineral resource estimate was derived from a 529-kilometer ultra-ground penetrating radar survey, 4,657 drill holes, and 111,643 sample assays from drill cores across a 3,000-hectare study area at the Hengjaya Mine.

Nick Werner, Nickel Industries' resources manager, stated:

"We are delighted to deliver a significant increase in our Resource at the Hengjaya Mine," he said, "from 2.4 million tonnes to 3.7 million tonnes of contained nickel metal representing a 56 percent increase, with further upside remaining."

Because of its prominence among the top 10 nickel resources in the world, this fact demonstrates that the Hengjaya Mine possesses a deposit of truly global significance.

Due to its proximity and large tonnage of high-grade saprolite and limonite, the Hengjaya Mine is a major ore supplier to the Indonesia Morowali Industrial Park ('IMIP').

This exemplifies the mine's tremendous strategic value in providing a reliable supply for the Company's RKEF operations within IMIP, such as HNI and RNI, and Oracle Nickel ('ONI'), which is currently under construction and set to begin operations in October of this year.

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