Gunsynd PLC Pacific Nickel Update (3919O)
07 October 2021 - 10:47PM
UK Regulatory
TIDMGUN
RNS Number : 3919O
Gunsynd PLC
07 October 2021
Gunsynd plc
("Gunsynd" or the "Company")
Pacific Nickel Update
Gunsynd Plc (AIM: GUN, AQSE: GUN) notes the announcement today
by its investee company Pacific Nickel Resources ("Pacific
Nickel"), which is listed on th e ASX (ASX: PNM).
Pacific Nickel has advised that it has completed an initial JORC
(2012) mineral resource estimate for
Prospecting Licence PL 01/18 (Jejevo tenement) on Isabel Island,
Solomon Islands. The mineral resource estimate was carried out by
Mining One Pty Ltd (Mining One), an independent consultant to the
Company.
Overview:
-- The Jejevo JORC mineral resource area is located within PL
01/18 and is located on Isabel
Island in the Solomon Islands.
-- JORC validation drilling program completed in June 2021 has
provided confirmation of historical drilling data.
-- Total JORC mineral resource estimate at Jejevo is 14.42
million tonnes at 1.29 % Ni at a 1.0% Ni cut-off.
-- In addition there is a conceptual resource extension target
at Jejevo of a further 3.0 million to 5.0 million tonnes at 1.2% to
1.6% Ni.
Pacific Nickel holds 80% interests in two nickel projects, the
Kolosori Project and the Jejevo Project, both located on Isabel
Island in the Solomon Islands. Both are advanced stage direct
shipping ore nickel laterite projects with excellent potential for
development. Pacific Nickel has now commenced feasibility studies
in respect of both projects. Both projects have a number of
positive features including their close proximity to the coast, no
processing requirements, low capital route to direct shipping ore
production and local landowner support.
Pacific Nickel previously reported a total JORC (2012) mineral
resource estimate at the Kolosori project of 7.28 million tonnes at
1.46 % Ni at a 1.0% Ni cut off . The JORC (2012) mineral resource
estimate for the Jejevo and Kolosori projects combined totals 21.7
million tonnes at 1.35% Ni at a 1.0% Ni cut off.
Pacific Nickel has recently applied for a mining lease for the
Kolosori Project . Prospecting Licence 01/18, which contains the
Jejevo project, was recently renewed by the Solomon Islands
Minister of Mines, Energy and Rural Electrification for a period of
two years commencing October 2021. Pacific Nickel intends to apply
for a mining lease over the Jejevo project in 2022. The feasibility
study and environmental impact statement (EIS) will be the two key
documents for the mining lease application.
Hamish Harris, Executive Chairman, commented: "It's pleasing to
see momentum gathering on this project. Much progress has been made
in 2021 and we look forward to receiving news on mining licence
applications in the future".
The directors of the Company are responsible for the release of
this announcement.
Forward Looking Statements
This announcement contains forward-looking statements relating
to expected or anticipated future events and anticipated results
that are forward-looking in nature and, as a result, are subject to
certain risks and uncertainties, such as general economic, market
and business conditions, competition for qualified staff, the
regulatory process and actions, technical issues, new legislation,
uncertainties resulting from potential delays or changes in plans,
uncertainties resulting from working in a new political
jurisdiction, uncertainties regarding the results of exploration,
uncertainties regarding the timing and granting of prospecting
rights, uncertainties regarding the Company's ability to execute
and implement future plans, and the occurrence of unexpected
events. Actual results achieved may vary from the information
provided herein as a result of numerous known and unknown risks and
uncertainties and other factors.
For further information please contact:
Gunsynd plc
Hamish Harris / Peter Ruse +44 (0) 78 7958 4153
Cairn Financial Advisers LLP
James Caithie / Liam Murray +44 (0) 20 7213 0880
Peterhouse Capital Limited
Lucy Williams +44 (0) 20 7469 0936
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END
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