Widgie Nickel (ASX:WIN) has updated its Widgie 3 nickel deposit’s Mineral Resource Estimate (MRE) which is expected to inform a pending Scoping Study for a multi-mine operation to support a standalone nickel concentrator.
The $31.28 million market capitalisation company reports the deposit’s MRE now stands at 734,000 tonnes @ 1.53% nickel for 11,200 nickel tonnes, representing 70% of the MRE classified as indicated.
Further, the MRE represents a 14% increase in nickel grade, with a ‘significant’ reduction in constrained arsenic versus the 2018 MRE.
Widgie notes that the latest MRE includes palladium (Pd) + platinum (Pt) + gold (Au) (3PGE), with 0.14 grams per tonne (g/t) Au, 0.19g/t Pt, and 0.45g/t Pd for 0.78g/t 3PGE.
Managing Director and Chief Executive Officer (CEO) Steve Norregaard says the company now has 70% in the indicated category, which ‘greatly’ improves Widgie’s confidence as it feeds into the Scoping Study.
“Importantly, we have also seen an improvement in nickel grade, a reduction in arsenic grade and inclusion of notable by-product credits.
This is a great outcome with ample opportunities to increase the resource clearly evident. Widgie 3 is now another high-quality resource in the company’s portfolio, cementing the positive prospects for the upcoming Scoping Study.
Widgie’s unique assemblage of 12 resources in close proximity make for a wonderful opportunity to build a long life, high confidence, low-risk mining operation in the medium term.”
Privately held company Cube Consulting completed the MRE, which has been reported above a cut-off grade of 0.7% nickel.
The Widgie 3 deposit is part of the Mt Edwards Project in Western Australia.
Widgie Nickel’s total nickel mineral resource inventory now stands at 13.14Mt at 1.46% Ni for 191,340 tonnes of nickel. The Widgie South Project area (Widgie 3, Gillett and Widgie Townsite deposits) contains 6.35Mt at 1.44% Ni for 91,270t of nickel with 63% of resources at Widgie South classified as Indicated.
All Mineral Resources except for Widgie 3, Gillett and Armstrong have been reported at a 1% Ni cut-off grade. The Mt Edwards Nickel Project Scoping Study currently underway supports a revised lower cut-off grade of 0.7% Ni which will be used for all forthcoming nickel resource estimate updates.
Mt Edwards’ total nickel resource is now 191,340 tonnes of contained nickel.
Widgie Nickel is a critical and battery mineral explorer that holds a vast 240km-square package of granted mining leases inside the Eastern Goldfields of Western Australia.
As of 30 September 2023, the company had $6.082 million cash and cash equivalents at hand, according to its latest quarterly report.
Write to Aaliyah Rogan at Mining.com.au
Images: Widgie Nickel
