Liberty Mines (LBE-T) has released the first resource estimate for its Hart nickel project near Timmins, Ont. which is located in between its McWatters nickel mine development project and its Redstone nickel mine and mill.
Indicated resources total 1.39 million tonnes grading 1.5% nickel and 0.1% copper for 45.97 million lbs. contained nickel.
Inferred resources stand at 286,000 tonnes grading 1.36% nickel and 0.09% copper for 8.57 million lbs. contained nickel.
Liberty plans to begin a scoping study based on the initial resource block model.
Since acquiring the property in July 2007, Liberty has completed 114 diamond drill holes and five trench samples.
The deposit has been tested to 500 metres and is open at depth. The ore body has an average strike length of 265 metres that can be subdivided into a higher grade massive sulphide zone and a lower grade overlaying dissemianted zone, split at the 275-metre level.
William Randall, Liberty’s vice president of exploration, says the company plans to drill the deposit. Mineralization has been intersected by a mafic dyke and the company has yet to explore the hanging wall zones.
“Continued drilling will increase geological confidence and allow extra tonnes to be added to the indicated category, especially in the lower zone where drilling is sparse,” Randall said in a statement.
So far nickel mineralization is confined to a higher grade massive sulphide zone and to a lower grade overlaying disseminated zone.
The project is just 2.5 km west of the McWatters project where production is slated to begin in the fourth quarter and 6.5 km east of the producing Redstone nickel mine which has a 1,500-tonne per day million in operation.
Liberty shares were off about 4% in Toronto today, or 3 at 77 apiece on a trading volume of 94,000 shares.
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