Corcel owns a AUD4.76m Debt Position in Resource Mining Corp Ltd; Developer of the Wo Wo Gap Nickel Project in Papua New Guinea

Wo Wo Gap

Key Facts

Nickel-Cobalt Deposit

Located in Southeastern Papua New Guinea

JORC Resource of 125 million tonnes @ 01.06% Ni and 00.07% Co (1.33 million tonnes nickel + 83k tonnes of cobalt)

EL1165 - 28 Sub Blocks Totaling 94.4km2

Overview

Corcel owns an AUD4.76m Debt Position in Resource Mining Corp Ltd (ASX:RMI); Developer of the Wo Wo Gap Nickel Project in Papua New Guinea.

Discussions ongoing with RMI to explore potential PNG consolidation and project synergies.

Overview

Corcel owns an AUD4.76m Debt Position in Resource Mining Corp Ltd (ASX:RMI); Developer of the Wo Wo Gap Nickel Project in Papua New Guinea.

Discussions ongoing with RMI to explore potential PNG consolidation and project synergies.

MINERAL RESOURCE ESTIMATE
(JORC COMPLIANT - 2011)

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

Location and Geology

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.