International Nickel Ventures (INV-V) and Teck Cominco (TCK.A-T) have released a new inferred resource estimate for its projects in Brazil and the market has taken note.
In Toronto the International Nickel’s shares shot up roughly 29%, or 45 to $2 on 1.3 million shares traded.
In contrast Teck shares were up just 14 to $87.50 on just 324 shares traded, as the project is not significantly factored into the major’s share price.
The resource estimate comes from the companies’ Santa Fe and Ipora nickel laterite deposits in Goias State, Brazil.
Using a 0.8% nickel cutoff the project has an inferred resource of 109 million tonnes grading 1.11% nickel, 0.06% cobalt and 28.6% iron.
The tandem of Vancouver-based Teck and Toronto-based International Nickel have an option to earn into 75% of the project with Teck making up 54.75%, and International Nickel making up the remaining 20.25%.
Teck Cominco is the operator of the project.
Since June of 2005 when Teck Cominco joined INV in a joint venture for the property to the end of September, roughly 55,000 metres in more than 4,100 holes have been drilled.
International Nickel says while the current resource is only in the inferred category, areas on the property that saw detailed 50 metre grid drilling could become indicated resources with planned further drilling.
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