Significant thick semi-massive to massive nickel sulphide intercepts from infill and extensional drilling at Jaguar Central Deposit, along with thick, shallow high-grade nickel at Jaguar North.
CTM is reaping the rewards of maintaining focused exploration activity, following its recent company-making acquisition of Vale’s 100%-owned Jaguar Nickel Sulphide Project in Brazil. Jaguar represents an at-surface nickel sulphide project, where a maiden JORC 2012-compliant resource of 48.0mt @ 1.08% Ni for 517,500 tonnes of nickel, has just been announced. The Jaguar Deposit is unique in the nickel sulphide space, as the high-grade nickel sulphide mineralisation comes almost to surface, whilst also continuing at depth. More than 80% of the nickel metal in the maiden Resource lies within 200m of surface, demonstrating the strong open-pit potential of the Project. Jaguar is already one of the largest near-surface undeveloped nickel sulphide projects in the world and CTM’s deepest hole to date extends to a depth of just 300m, which in a nickel sulphide context means CTM has only just scratched the surface.
Jaguar Nickel Project Update
As CTM continues its drilling campaign at its 100%-owned Jaguar Nickel Sulphide Project in Brazil’s Carajás Mineral Province, it has released further encouraging results from its Jaguar Central and Jaguar North Deposits.
Jaguar drilling continues to deliver a consistent flow of high-quality, shallow intersections of semi-massive and massive nickel sulphides that support, and are likely to enhance, CTM’s recent maiden JORC 2012 Mineral Resource Estimate (MRE) of 48.0Mt at 1.08% Ni for 517,500 tonnes of contained nickel. A number of the new assay results have come from extensional and step-out drill holes that were not included in the June 2020 MRE and are expected to help build on the existing MRE
The latest assays included some of the best drilling results generated from the Jaguar Project to date, suggesting further near-term increases to the existing Mineral Resource, whilst also underlining the prospects for development of a high-margin nickel sulphide mine – given the thick, high-grade nature of the mineralization that extends from surface and remains open at depth. The highlight is the intercept of 33.7m at 2.23% Ni at Jaguar Central, which occurs from just 46m depth.
Many of the latest results reported will boost the high-grade component of the company’s Mineral Resource, which hosts an estimated 321kt of contained nickel at a grade of more than 1.5% Ni – with more than 70% of the high-grade resource located within 200m of surface and amenable to extraction via open-pit mining. CTM’s maiden Resource Estimate announced in June contains more than 500,000 tonnes of nickel at an average grade of over 1.0% Ni.
With a third diamond rig to be reactivated over the next few weeks, and all three diamond rigs to recommence double-shift operations, CTM is aiming to boost the Indicated component of the Mineral Resource via in-fill drilling, while also testing a number of the deeper targets where DHEM Conductor plates extend well below the depth of current drilling and are likely to represent semi-massive and massive sulphides.
CTM is moving ahead in leaps and bounds with respect to its Jaguar project, a fact reflected in the company’s strong share price performance. The first major milestone for the company was the delivery of its maiden Jaguar JORC 2012-compliant MRE, which is really just the start. Ongoing drilling is showing that the mineralisation extends from shallow depths and along strike, is thick, high-grade and consistent. The key is the near-surface nature of the mineralsation – with 80% of the current Resource lying within 200m of surface – meaning mining, costs and grades are more akin to that of an open-pit gold operation.
From a bigger picture perspective, the Jaguar project provides CTM with the opportunity to pursue development of an advanced and well-located nickel sulphide project that offers high-grade open-pit development potential. Nickel sulphide deposits like Jaguar are extremely rare globally and for CTM to be able to successfully acquire such an asset is a game-changer.