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Highlands Pacific ups reserves, resources at Ramu nickel-cobalt project

Highlands Pacific Ltd. increased the ore reserve and resource estimate at the Ramu nickel-cobalt project in Papua New Guinea, the company said in a Sept. 10 release.

Total ore reserves in the proved and probable categories increased to 56 million tonnes grading 0.9% nickel and 0.1% cobalt, compared to 49 million tonnes at 1.0% nickel and 0.1% cobalt in the previous estimate.

Total measured, indicated and inferred resources rose to 136 million tonnes grading 0.9% nickel and 0.1% cobalt, using a 0.5% nickel cutoff. This compares with the December 2016 estimate of 124 million tonnes at 1.0% nickel and 0.1% cobalt.

The updated estimates took into account data collected from drilling programs conducted since the last update in December 2016, which has been offset by mining depletion.

In May, Cobalt 27 Capital Corp. signed a deal to buy a US$113 million nickel-cobalt stream from Highlands Pacific while investing A$15 million in the junior base metals producer.