Business
Wowo Gap JORC Resource
Wowo Gap JORC Resource.
About this update from Corcel Plc
/ Corcel PLC ("Corcel" or the "Company") Wowo Gap JORC Resource 17 May 2022 Corcel, the natural resource exploration and development company with interests in battery metals and flexible energy generation and storage, is pleased to announce the completion of a JORC mineral resource estimate at the Company's recently acquired Wowo Gap nickel/cobalt project in Papua New Guinea ("PNG"), where the Company owns a 100% interest. The establishment of a JORC resource is a critical technical step in preparing the mining lease application, validates Corcel's underlying rationale for the asset acquisition and confirms Wo Wo Gap as a similar size and grade deposit to the Company's sister project at Mambare, also in PNG. Highlights: o JORC 2012 code mineral resource estimate ("MRE") of 110m tonnes with 0.81% Ni and 0.06% Co (891,000t contained Ni and 66,000t contained Co) o Mineralisation is continuous and laterally extensive - shallow nature of deposit and limited overburden is amenable to low-cost open pit mining o Robust geological model with mineralisation well constrained within the host saprolite and limonite layers o Tonnage and grade reported above the 0.7% Ni cut-off compare favourably with similar projects that have achieved production Mineral Resource Estimate: Using a 0.7% nickel cut-off grade, the deposit is estimated to contain 110 million tonnes at 0.81% nickel (Ni) for 891,000 tonnes of contained Ni and 0.06% cobalt (Co) for 66,000 tonnes of contained Co. Tonnage is quoted on a dry basis. Table 1. Wowo Gap Mineral Resource estimate by lithology type and classification at 0.7% Ni cut-off. Lithology Type Classification Million Tonnes Ni% Co% Thousand Tonnes contained Ni Thousand Tonnes Contained Co Limonite/Saprolite Indicated 63 0.85 0.08 540 50 Inferred 9 0.84 0.07 76 6.3 Rocky Saprolite Inferred 38 0.75 0.02 280 7.6 Total Indicated 63 0.85 0.08 540 44 Inferred 47 0.77 0.03 360 14 Total 110 0.81 0.06 890 66 *The project operator is Niugini Nickel Ltd. ** The Company's interest in Wowo Gap is 100% and consequently Gross and Net resource to the Company are the same Niugini Nickel commissioned independent consulting geologists Queen and Associates and H&S Consultants Pty Ltd (HSC) as Competent Persons to complete a resource estimate for the Wowo Gap nickel laterite deposit incorporating...