Toronto-based Black Hawk Mining (TSE) says it has acquired all the outstanding shares of First China Capital whose main asset is the Union nickel-copper deposit in the state of Maine. Based on 170 drill holes, the Union deposit is estimated to host minable open pit reserves of 1.24 million tons grading 1.6% nickel, 0.76% copper and 0.13% cobalt. The waste to ore ratio for the open pit, including overburden removal is about 1-to-1, according to Black Hawk. Additional underground reserves are 1.52 million tons grading 1.53% nickel, 0.65% copper and 0.13% cobalt.
Metallurgical testing indicates that a bulk concentrate could be produced containing 12-14% nickel, 8-10% copper and 1.2-1.3% cobalt. Indicated metal recoveries are 65-68% for nickel and 90-95% for copper.
The recent deal resulted in the issuance of about 2.2 million Black Hawk shares, bringing the company’s total number of shares outstanding to nearly 13.2 million.
The company intends to retain a firm of consulting engineers in the third quarter to complete a feasibility study and to commence environmental permitting.
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