Zambales NIHAO mine area shows promise
NIHAO Mineral Resources International Inc., formerly Magnum Holdings Inc., reported on Monday that its target-mining tenement in Botolan, Zambles yielded “very positive results” of prospective nickel reserves.
In a statement, the mining firm said it is bullish on the prospects found in Zambales and may plan to block an ore reserve for continuous mine development in the future.
“We are very pleased with the assay results on Botolan. I am especially very enthusiastic about the samples with 0.8 percent to 2.0 percent nickel grades taken from contiguous holes. This is very excellent news,” Edwin Abrasaldo, NIHAO’s senior geologist, said.
The company is acquiring the mining rights covering 7,102 hectares in Botolan and Iba, 400 hectares of which is now currently being explored.
Based on contiguous test pits, a 100-hectare delineated zone within the initial exploration site was found to contain nickel laterite and saprolite material with 0.8 percent to 2.0 percent nickel based on contiguous test pits, NIHAO said.
More closely-spaced test pitting would be conducted in the most promising area to delineate mineable ore reserves, while another exploration plan for a-700 hectare portion would be carried out.
NIHAO plans to raise P700 million through the sale of additional stocks to existing shareholders to finance the mining exploration in Zambales and has held talks with potential Chinese partners on a possible joint venture project in the area.
The additional capital from the planned share sale would also allow NIHAO to venture into nickel and copper mining in Mindanao. The firm would work with four potential strategic Chinese partners for various joint venture projects in the area.
--Likha C. Cuevas-Miel - Manila Times
In a statement, the mining firm said it is bullish on the prospects found in Zambales and may plan to block an ore reserve for continuous mine development in the future.
“We are very pleased with the assay results on Botolan. I am especially very enthusiastic about the samples with 0.8 percent to 2.0 percent nickel grades taken from contiguous holes. This is very excellent news,” Edwin Abrasaldo, NIHAO’s senior geologist, said.
The company is acquiring the mining rights covering 7,102 hectares in Botolan and Iba, 400 hectares of which is now currently being explored.
Based on contiguous test pits, a 100-hectare delineated zone within the initial exploration site was found to contain nickel laterite and saprolite material with 0.8 percent to 2.0 percent nickel based on contiguous test pits, NIHAO said.
More closely-spaced test pitting would be conducted in the most promising area to delineate mineable ore reserves, while another exploration plan for a-700 hectare portion would be carried out.
NIHAO plans to raise P700 million through the sale of additional stocks to existing shareholders to finance the mining exploration in Zambales and has held talks with potential Chinese partners on a possible joint venture project in the area.
The additional capital from the planned share sale would also allow NIHAO to venture into nickel and copper mining in Mindanao. The firm would work with four potential strategic Chinese partners for various joint venture projects in the area.
--Likha C. Cuevas-Miel - Manila Times
posted by OlongapoCity Zambales at
6:20 AM
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