Maybe not the highest grades but due to the Indonesian export ban and China's stock piles running out mid 2014 the price of nickel will jump. Then even ITT will become very valuable.
23 January 2014 Drilling Update: Calypso nickel sulphide project KEY POINTS: • Confirmatory aircore drilling completed at Calypso nickel sulphide project • Results replicated and improved on historical results obtained in historical drilling at the Zeus anomaly by BHP Minerals with ; 32m at 0.22% Ni, 53 ppm Cu in hole ZESAC002, and 31m at 0.19% Ni, 67 ppm Cu in ZESAC004 • Grades peaked at 0.32% Ni and 0.32% Ni over 1m intervals with 72 ppm Cu and 123 ppm Cu in ZESAC002 and ZESAC004 respectively. InterMet Resources Limited (ASX: ITT) (‘InterMet’ or ‘Company’) wishes to advise the results of an aircore drilling program complete at the Calypso nickel project near Leonora. The drilling was designed to confirm the drilling results obtained by BHP Minerals in the 1980s. At that time BHP reported nickel sulphides assaying 16m at 0.2% Ni from 42m, including a high value of 2m at 0.43% Ni in the only hole assayed by BHP in the Zeus aeromagnetic anomaly (MR382). However, disseminated sulphides and cumulate ultramafic textures were also recorded in other holes drilled in both the Zeus and Argos anomalies which were not assayed or followed up.
ITT Price at posting:
0.7¢ Sentiment: LT Buy Disclosure: Held
