- Project covers 5000 Ha with 9 known cobalt-nickel prospects
- Historical Estimate of 37 million tonnes of 0.11% Co and 1.31% Ni at a 0.8% Ni cut-off grade
- High grade drill holes with 8m @0.18%, 13m @0.15%, and 10m @0.19% Co
- Estimate based on over 856 shallow drill holes and 26 test pits
- Mineralization is from surface, average historic drilling to depth of 11-15 metres.
- Potential for cobalt to a depth of 25+ metres.
- Production Permit Issued, valid until December 20, 2021 with option to extend 10 years
- Environmental Permits Issued (AMDAL)
The Company is treating the cobalt and nickel tonnage and grade estimates above as historical estimates. The historical estimates do not use categories that conform to current CIM Definition Standards on Mineral Resources and Mineral Reserves as outlined in National Instrument 43-101, Standards of Disclosure for Mineral Projects (“NI 43-101“) and have not been redefined to conform to current CIM Definition Standards. They were prepared in the 1970s prior to the adoption and implementation of NI 43-101.
A qualified person has not done sufficient work to classify the historical estimates as current mineral resources and the Company is not treating the historical estimates as current mineral resources. More work, including, but not limited to, drilling, will be required to conform the estimates to current CIM Definition Standards. Investors are cautioned that the historical estimates do not mean or imply that economic deposits exist on the Property. The Company has not undertaken any independent investigation of the historical estimates or other information contained in this press release nor has it independently analyzed the results of the previous exploration work in order to verify the accuracy of the information. The Company believes that the historical estimates and other information contained in this press release are relevant to continuing exploration on the Property.
Management of the Company is relying on the historical estimates contained in the Pacific Nikkel report because the authors were experts and used industry standard procedures at the time. The historical estimates are relevant to the Company’s future exploration programs because they identify significant mineralization that will be the target of this exploration program.
No subsequent resource estimations have been attempted. Efforts to obtain any additional information regarding relevant historical work is ongoing, although there are no assurances that this original data will be found.
The first records of exploration in the area specific to the nickel-bearing laterites at Cyclops have been described by Van Nes (1954, 1956). The Dutch colonial government carried out systematic exploration programs which outlined a number of potential nickel laterite areas associated with dunites and harzburgites.
Formed in 1960, Pacific Nikkel Mijnbouw Maatschappij, was reorganized in 1969 as P.T. Pacific Nikkel Indonesia which went on to extensively explore the region, including drilling and test pits under a Contract of Work (CoW) with the Government of Indonesia into the 1970’s. The participants in the Company were United States Steel Corporation, Koningklijke Nederlandsche Hoogovens en Staalfabrieken N.V. (Holland), Wm H. Muller & Co N.V. (Holland), Newmont Mining Corporation (U.S.A.) and Sherritt Gordon Mines Limited (Canada).
- In 1987, PT. Sentani Maju Minerals (90% Independent Resources Pte Ltd) took over the concession under the 4th Generation of CoW (limited exploration work).
- 1998, PT. Iriana Sentani (95% Iriana Resources Corporation, TSX listed) held the concession under a 7th Generation CoW (limited exploration work)
- 2009, TNM granted IUP Exploration and 2011 granted IUP Operation Production (limited exploration work)
- 2017, Pacific Rim Cobalt acquires project rights. Production Permit Issued, valid until December 20, 2021. Environmental Permits Issued (AMDAL).