Seymour Exploration (SEZ-V) plans to begin an economic scoping study now that it has nailed down a National Instrument 43-101-compliant resource estimate for the historic Lynn Lake nickel property in northern Manitoba.
Total measured and indicated resources in the partially developed N and O ore bodies is pegged at 6.4 million tons grading 0.85% nickel and 0.39% copper, based on a cutoff grade of 0.7% nickel equivalent. Including is a 3.8-million-ton, higher-grade zone averaging 0.96% nickel and 0.43% copper, based on a 0.8% nickel equiv. cutoff. At the same cutoff, inferred resources total 650,214 tons of 0.92% nickel and 0.4% copper.
Seymour CEO Richard Murphy says that fact most of the resource is categorized as measured and indicated allow his company to focus its efforts on defining new mineralization. He also notes that the resource grades are comparable to the grades mined by Sherritt Gordon Mines between 1953 and 1976 (20.1 million tonnes averaging 1% nickel and 0.5% copper).
Plans also call for exploration to test the first batch of fifteen targets previously identified by wide-spaced drilling by Sherritt. The company will also look at several untested areas in the host intrusion. A recently completed $300,000 private placement will see Seymour through its comprehensive exploration plan.
In August, Wallbridge Mining (WM-T) dropped its option to earn a 50% stake in the project. The company retains an option to participate as a 25% minority, non-operating partner by covering 25% of the project funding. Wallbridge’s option expires a month after Seymour delivers technical reports, including the new mineral resource for the property. The alternative would see Wallbridge receive 500,000 shares of Seymour accompanied by 500,000 purchase warrants.
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