Private equity firm Kinterra Capital said its portfolio company, Cannon Resources, has made significant advancement in expanding the resource at its Fisher East nickel project – the largest undeveloped high-grade nickel sulphide asset in Australia not owned by a major miner.
Cannon saw an increase in its independent JORC Resource to 13.1 million tonnes of Indicated and Inferred mineral resources. The new estimate represents a 75% increase from the previously reported resource.
Kinterra noted that contained nickel tonnage also increased by 77% as Cannon maintained the high quality of its mineral resource while substantially increasing scale.
“We are incredibly proud of our Australian and Toronto teams behind the successful drill program at Fisher East where the Nickel sulphide resource doubled in less than six months,” said Warrick Hamilton, exploration manager at Cannon Resources.
“Our outstanding results are a direct outcome of Cannon’s and Kinterra’s commitment to the project and the high-quality nature of the asset.”
Cannon will conduct metallurgical test work, geotechnical, and environmental baseline collection in support of permitting and additional drilling in early 2024.
The Fisher East nickel project is located approximately 430 kilometres north of Kalgoorlie in the North-Eastern Goldfields region. It consists of 11 granted exploration licences covering a total of 330.6 km2.
Source: Kinterra Capital