Belvedere Resources (TSE:BEL) said Thursday that it has converted part of the Indicated Resources of the planned open pit expansion into Probable Reserves.
planned cutback into the edge of the existing open pit has now been
optimised to a depth of 115 metres, resulting in an in-pit Probable
Reserve of 1.02 million tonnes at 0.38% nickel, containing 3,876 tonnes
(8.5 million pounds) of nickel metal.
In addition to the in-pit
reserves, there remains a further 1.6 million tonnes at 0.42% nickelin
the Indicated Resource category,
both below the proposed pit extents
(115 to 150 metre depth) and in the western mineralised area (0 to 150
metre depth) next to the planned pit.
These additional resources contain 6,737 tonnes (14.8 million pounds) of nickel metal.
open pit cutback is the first of a number of initiatives the company is
investigating, to increase throughput and lower operating costs at the
Hitura mine," Belvedere's chief executive David Pym said.
new reserves in the open pit, will potentially add about 2 years to the
mine life at Hitura and the mineralisation is open at
depth below the open pit adding further underground mining potential."
Hitura nickel mine has NI 43-101 compliant Measured & Indicated
resource, reported at a 0.54% nickel cut-off (and 0.3% nickel cut-off
for the open pit extension) of 3.03 million tonnes of 0.55% nickel,
0.18% copper and 2.21% silicon. The Inferred mineral resource was
490,000 tonnes of 0.7% nickel, 0.3% copper and 4.5% silicon.
has a primary focus on nickel, gold, cobalt and copper in Finland. The
company currently produces 2,500 tonnes of nickel in concentrate/year
from the Hitura nickel mine. The company has a number of advanced gold
projects in close proximity to Hitura.