Mincor Resources believes it has discovered two nickel deposits close to its Miitel Nickel Mine at Kambalda.
The company said drilling has confirmed a significant extension to the mineralised channel structure that hosts the newly discovered N29 ore body.
It's also confident it's discovered a second new ore body located in a parallel channel structure below the N29.
"The emerging discoveries at South Miitel are good news for Mincor and its shareholders," said Mincor's Managing Director, David Moore.
"They are likely to substantially extend Miitel's mine life and confirm it as one of Kambalda's great ore bodies. In addition, there is our "Miitel Extended" concept, in which we see the potential for the Miitel ore system to extend all the way south to our Mariners Mine. This is an exciting concept that we plan to test early in the new financial year."
"The biggest question mark around these discoveries is the Government's proposed new Resources Super Tax, which will severely limit the returns available to shareholders from their development, placing such development in doubt," he added.
Mr Moore said the re-opening of the Miitel Mine was proceeding
