BINDURA Nickel Corporation (BNC) majority shareholder Mwana Africa has expressed renewed confidence in its Trojan mining operation after completing a drilling programme which confirmed that the mine has high quality ore concentrate.Report by Bernard Mpofu, Chief Business Reporter
Mwana Africa, a Pan-African, multi-commodity resources firm, yesterday announced that the first drilling results from Trojan since the recapitalisation and restructuring of BNC, was completed last month.
“Mwana is pleased to announce a number of significant intersections of high grade nickel from the resource drilling programme being carried out at Bindura Nickel Corporation’s Trojan Nickel Mine”, Mwana said in a statement yesterday.
Mwana Africa chief executive officer Kalaa Mpinga said the results had surpassed shareholder expectations. The Trojan drilling programme, according to Mwana, took over 29 months commencing in April 2010.
In total 18 diamond drilling holes covering 8 040 meters were sunk. The aim of the diamond drilling programme was to confirm the down-dip extension of the massive sulphide zone within the main ore body.
“I am very encouraged by the early results from the resource drilling below 37 level at Trojan. The nickel grades are better than expected and underpin our confidence in the quality and future prospects of the mine which is currently in the process of being restarted,” Mpinga said.
“The programme will delineate the main ore body and hanging wall ore body resources between 37 level and 45 level, form the basis of an updated JORC compliant resource and provide the basis for the extended life of mine plan for Trojan.”
In September 2012, BNC carried out a restructuring and recapitalisation exercise which has allowed it to restart its Trojan Nickel Mine.
BNC completed a $21 million rights offer that was underwritten by Mwana in a bid to kick-start operations at the nickel mine as liquidity constraints continued to bite the domestic market.