Global Ferronickel Holdings Inc. (FNI) has increased its mineral resource estimate for ubsidiary Platinum Group Metals Corp.?s Cagdianao site in Surigao.
In a report, FNI said the combined measured and indicated mineral resources at CAGA 1 to 5 had increased by 3.846 million dry metric tons (DMT) to 54.16 million DMT with an average grade of 1.1% nickel and 31.4% iron.
Material mix consists of 69% or 37.164 million DMT medium-grade, 20% or 10.766 million DMT low-grade and 11% or 6.23 million DMT high-grade.
Inferred resources also increased by 5.901 million DMT to 23.982 million DMT with an average grade of 1.2% nickel and 21.5% iron.
?The updated exploration information is very encouraging as it continues to add great value to our assets,? said Dante R. Bravo, president of FNI.
?Even as we are continuing to mine CAGA 2 and 4, our exploration program allows us to successfully increase our resource inventory and continually upgrade resource confidence level. And we still have significant scope for further exploration. We expect to report new drill data for CAGA 1, 6 and 7 in 2018,? Bravo added.