According to Roscoe Postle Associates, the open-pit indicated resource is 5.2 million tonnes grading 0.68% nickel and 0.15% copper, or 78.8 million lbs. nickel and 17 million lbs. copper.
The open-pit inferred resource is pegged at 320,000 tonnes grading 0.54% nickel and 0.09% copper.
Estimates for the open-pit resources are based on a cutoff grade of 0.2% nickel.
Immediately below the open-pit boundary, and to a depth of around 350 metres, is an underground indicated reserve of 790,000 tonnes grading 1.11% nickel and 0.14% copper, equivalent to 19.3 million lbs. nickel and 2.5 million lbs. copper.
There is also an underground inferred resource, which stands at 230,000 tonnes grading 1.04% nickel and 0.14% copper.
The underground estimates are based on a cutoff grade of 0.8% nickel.
The deposit strikes for 550 metres and stretches from surface to a depth of 200 metres. The average horizontal thickness is 24 metres.
The resource calculations are based on data from 91 holes, most of which were drilled by previous owners Maskwa Nickel Chrome Mines and Canmine Resources. Mustang sunk 23 holes in 2004.
Roscoe Postle’s study did not include cobalt, platinum and palladium values, as most of the historical holes were not assayed for these elements, though Mustang plans to investigate their recoverability.
Exploration drilling is testing new zones of nickel mineralization outside the resource area, in particular several electromagnetic targets west of the past-producing Maskwa pit. The company intends to drill 20 holes (3,000 metres) in the current program.
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