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Corcel owns an AUD1.7m Debt Position in Resource Mining Corp Ltd (ASX:RMI); Developer of the Wo Wo Gap Nickel Project in Papua New Guinea. Corcel retains an option to secure substantially all remaining RMI debt (AUD 3M). The option price is 23,711,018 new RGM shares + AUD 640k, option runs to Sept ’20 – further extendable.
Discussions ongoing with RMI to explore potential PNG consolidation and project synergies.
Corcel owns an AUD1.7m Debt Position in Resource Mining Corp Ltd (ASX:RMI); Developer of the Wo Wo Gap Nickel Project in Papua New Guinea. Corcel retains an option to secure substantially all remaining RMI debt (AUD 3M). The option price is 23,711,018 new RGM shares + AUD 640k, option runs to Sept ’20 – further extendable.
Discussions ongoing with RMI to explore potential PNG consolidation and project synergies.
| Wo Wo Gap | MT | Nickel % | Cobalt % |
| Indicated | 72 | 1.03 | 0.07 |
| Inferred | 53 | 1.09 | 0.06 |
| Total | 125 | 1.06 | 0.07 |
| Contained Metal (KT) | - | 1325 | 83 |
The Wowo Gap project is located at the Southeastern end of the Papuan Ultramafic Belt, a complex of peridotite, pyroxenite and gabbro, which form the prominent east-west trending Didana Range, approximately 160km east of Port Moresby.
The project hosts 125 Million tonnes @ 1.06 per cent Ni and 0.07 per cent Co Indicated Resource Estimate (JORC 2004) within the laterite profile based on drilling along the 12-kilometre strike length.
The nickel mineralisation is associated with a laterite weathering profile developed over the underlying ultramafic geology, which has resulted in the enrichment of nickel, cobalt, iron, chromium, magnesium and magnesite.
A complete lateritic profile is preserved, with partial truncation associated with recent drainage systems. The depth of lateritic weathering varies according to rock type and the degree of structural brecciation. The lateritic profile is typically 10 to 15 metres thick, occasionally more than 20 metres.