Montezuma Mining Company (“Montezuma” or “Company”) is pleased to advise that an ongoing historic data review has confirmed the potential for high grade nickel sulphide mineralisation at the Company’s 100% owned Pinnacles Cobalt-Nickel Project. The Project was extensively drilled for lateritic nickel mineralisation until 2004 and an updated JORC Mineral Resource Estimate is currently being compiled focussing on the higher grade cobalt zones within the overall mineralised corridor.
During this data compilation, a high grade intercept in PNR266 (2m @ 2.3% Ni, 0.11% Cu including 1m @ 3.5% Ni, 0.15% Cu) was highlighted by the technical team as likely to be derived from a primary sulphide source in contrast to the surrounding lateritic minealisation.
The indicators include the higher grade nickel, the coincident elevated copper grade (both being the highest intersected at the project to date) and the relative cobalt depletion in the highest grade interval. The interpretation is also supported by the magnesium and chromium profiles down hole, also indicating that the intercept may be located close to a basal contact position.
Due to the geological and empirical evidence for nickel sulphide, the Company commissioned a high powered Moving Loop Electromagnetic (MLEM) survey over the known intercept, covering approximately 1.7km of strike along the interpreted ultramafic sequence.
The survey was completed by Vortex Geophysics and has highlighted two late-time, bedrock EM anomalies within the area of interest.