FNI
West Graham
The West Graham property is located southwest of the City of Sudbury and was optioned from Landore Resources Canada Inc in August of 2006, whereby FNI has met all of the terms of the Option Agreement and earned a 70% interest in the West Graham property.
The West Graham Property and the Conwest Ni-Cu Deposit forms the eastern portion of a contiguous property package that contains the Lockerby Mine. The Conwest Deposit represents the up-dip projection of FNI’s Lockerby East Deposit and contains in excess of 84 million pounds of nickel and 58 million pounds of copper within an Indicated Resource Category.
Exploration and delineation programs resulted in major increase in the resource base for the Conwest Deposit as reported in the Technical Report on the West Graham property filed on SEDAR on February 20, 2009.
Exploration work to date includes:
• 31,440 metres of diamond drilling in 70 holes delineating the Conwest Deposit, testing the SIC Contact to the east and the footwall portion to the south of the SIC Contact.
• 14.8 kilometres of ground magnetics of Ground Geophysics
• 11.8 kilometres of deep penetrating, gradient induced polarization
• UTEM, Crone and RIM borehole geophysical surveys
• 3,948 assay analysis
• SGS metallurgical test work
• Bioleaching amenability test work
Resources and Reserves Scott Wilson Roscoe Postle Associates Inc. was retained by FNI to carry out a resource estimate and prepare an independent Technical Report for the Conwest Zone. This technical report conformed to NI 43-101 Standards of Disclosure for Mineral Projects. A new interpretation of the mineralization was used to model the Conwest Deposit Indicated Resources in 2009 using a cut-off grade of 0.3% nickel equivalent (“NiEq” is defined as Ni% + 0.32 X Cu% + 0.53 X Co%). The estimate was derived from block models where the grade was interpolated into the blocks using ordinary kriging and compared with inverse distance squared and nearest neighbour interpolations to verify the accuracy of the model.
CONWEST DEPOSIT: INDICATED, INFERRED AND BOUNDARY MINERAL RESOURCES
| Classification | Tonnes (000’s) | Ni % | Cu% | Co% | NiEq% |
|---|---|---|---|---|---|
| Indicated Resources | |||||
| Total Indicated | 8,550 | 0.45 | 0.31 | 0.01 | 0.55 |
| Inferred Resources | |||||
| Total Inferred | 2,000 | 0.38 | 0.30 | 0.01 | 0.48 |
1. 0.3% nickel equivalent (NiEq) cut-off grade used for the Conwest Deposit Resource Estimate (NiEq = Ni grade + (0.32 X Cu grade) + (0.53 X Co grade)) rounded to the nearest 10,000 tonnes;
2. Mineral resources which are not mineral reserves do not have demonstrated economic viability. The estimate of mineral resources may be materially affected by environmental, permitting, legal, taxation, sociopolitical, marketing or other relevant issues;
3. The quantity and grade of reported inferred resources in this estimation are conceptual in nature and there has been insufficient exploration to define these inferred resources as an indicated or measured mineral resource and it is uncertain if further exploration will result in upgrading them to an indicated or measured mineral resource category.
4. The resource estimate was terminated to within 5 metres of the west boundary to allow for the boundary pillar.
The Company will interpret the exploration results from 2009 and will determine if it elects to take the project to a Bankable Feasibility Study by December 31, 2011 or form a 70:30 Joint Venture with Landore Resources Canada Ltd.
The Company will interpret the exploration results from 2009 and will determine if it elects to take the project to a Bankable Feasibility Study by December 31, 2011 or form a 70:30 Joint Venture with Landore Resources Canada Ltd.
Source: http://www.fnimining.com/index.php?page=west-graham
