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LionOre to develop Waterloo

LIONORE Mining International will develop an exploration decline at the Waterloo nickel sulphide deposit, south of Leinster. The deposit, discovered by LionOre in 2002, is located on a granted mining lease 5km north-west of LionOre’s Thunderbox gold mine and 40km south of the nickel mining centre of Leinster. Construction of a 30-metre deep box-cut approximately 1km to the east of the deposit is expected to commence in May with work on the decline to begin in August. The company said mineralisation was due to be intersected at approximately 150 metres below surface in the second half of 2006. The resource is estimated to contain an indicated 299,000 tonnes at a grade of 3.5 per cent for 10,366 tonnes of contained nickel. Only limited infrastructure will be required at Waterloo as the majority of the services will be sourced from nearby Thunderbox, said LionOre. The pre-production capital cost is estimated to be approximately $20 million. All government and regulatory approvals have been received.

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