Royalties fixes resource figure on Expo

Canadian Royalties (CZZ-T) has released a resource figure for the Expo nickel-copper deposit in Nunavik, northern Quebec, that substantially increases the grade over historical estimates, while decreasing the tonnage.

The result was in line with the company’s expectations, based on drilling on the deposit in 2003 and 2004.

Consulting firm Strathcona Mineral Services calculated an indicated resource of 4.4 million tonnes grading 0.8% nickel, 0.8% copper, 0.04% cobalt, 1.5 grams palladium, 0.3 gram platinum and 0.1 gram gold per tonne. There is an additional inferred resource of 645,000 tonnes, with 1.8% nickel, 1.5% copper, 0.08% cobalt, 2.5 grams palladium, 0.7 gram platinum and 0.1 gram gold per tonne.

Work by Amax in the 1970s had outlined a resource, based on the standards of the time, of 17 million tonnes with average grades of 0.47% nickel and 0.51% copper. A higher-grade core of about 3.8 million tonnes grading 0.75% nickel and 0.85% copper made up part of that resource.

Canadian Royalties has a 70% interest in the property. The rest is held by Ungava Minerals (UGVAF-P).