The study will incorporate metallurgical tests by SGS Lakefield Research. Previous work by SGS indicated that a concentrate grading 22.2% copper-nickel could be produced via open flotation. The circuit recovered 93.5% of the copper but only 68.8% of the nickel.
The tests were run on samples from drill holes 8 and 9, both of which cut grades of 0.5% nickel and 0.5% copper, with 0.03% cobalt and some platinum, palladium and gold credits. Platinum recovery in the concentrate was 69%, though the circuit was not equipped for precious metals recovery.
A closed-circuit operation is likely to yield good recoveries at acceptable concentrate grades.
Ursa Major has lined up Sudbury-based NAR Environmental Consultants to carry out an environmental base-line study. NAR will also manage environmental and permitting aspects of the mining assessment.
At last count, Shakespeare was home to an in-pit indicated resource of 12 million tonnes grading 0.35% nickel, 0.36% copper and 0.02% cobalt, plus 0.19 gram gold, 0.34 gram platinum and 0.38 gram palladium per tonne. The cutoff grade of the resource is a total metal value, using 24-month average prices, of $43.65 per tonne (T.N.M., April 26-May 2/04).
The bulk of the resource (9 million tonnes) lies in the Shakespeare East zone, with the rest found in Shakespeare West.
Earlier this summer, Ursa launched a 3,000-metre, 6-hole drill program to test a strongly conductive anomaly extending northeast from Shakespeare East. Drilling suggests the conductor may be an extension of a northeast-plunging, higher-grade zone of mineralization. The holes will test the conductor some 366 metres from the existing resource.
The last hole of winter drilling in the area cut 47.7 metres averaging 0.37% nickel, 0.43% copper, 0.02% cobalt, 0.38 gram platinum, 0.41 gram palladium and 0.21 gram gold, including 7 metres of 0.57% nickel, 0.67% copper, 0.03% cobalt, 0.56 gram platinum, 0.63 gram palladium and 0.31 gram gold.
Ursa has a 75% interest in the Shakespeare property, which is subject to a joint venture with
Dundee Securities will act as agent for a flow-through private placement of up to 1 million flow-through shares priced at $1.10 apiece. Dundee will receive 5% of the gross proceeds plus similarly priced broker warrants good for 5% of the total number of flow-through shares sold. The placement is subject to a minimum subscription of $22,000.
Ursa also plans a non-brokered private placement of up to 250,000 flow-through shares at the same price, with a similar finder’s fee.
The private placements are subject to regulatory approval; proceeds will be used to explore Shakespeare and other properties west of Sudbury.
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