The Gonnyvale Copper And Nickel Mine in Western Australia Rose 5 Per Cent

Charles Mining Company has updated its resources at the Hulimar project gunnyvale deposit in Western Australia. The deposit currently has an updated resource of 350 million tons at 3E (Palladium, platinum and gold) grade of 0.96 g/t, nickel 0.61%, copper 0.1%, cobalt 0.015%, or nickel equivalent grade of 0.58%, or palladium equivalent grade of 1.8 g/t. Based on metal volume, 3E metal 11 million ounces, nickel 560,000 tons, copper 360,000 tons, cobalt 54,000 tons, or nickel equivalent 2 million tons, or palladium equivalent 20 million ounces.

This is a 5% increase from the amount first announced in November last year. More importantly, the presumptive resources have been increased from 45% to 70%, with 50% of the resources currently located between 30 meters and 250 meters deep, reducing the risk. The update also includes underground resources for the first time, with 2.9 million tons of ore at 3.7 g/t palladium equivalent grade or 1.2 percent nickel equivalent grade. The resources increased to 82 million tons of high-grade sulfide ore with 3E grade of 1.7 g/t, nickel 0.21%, copper 0.2%, cobalt 0.02%, or nickel equivalent grade of 1%, or palladium equivalent grade of 2.9 g/t. Based on metal volume, it is 4.5 million ounces of 3E metal, 180 thousand tons of nickel, 170 thousand tons of copper, 16 thousand tons of cobalt, or 79 thousand tons of nickel equivalent, or 7.7 million ounces of palladium equivalent. The company believes that the high grade resources give the company more development options. The preliminary study is expected to be completed in the third quarter. The ore bed has the possibility of enlarging northward and in depth as well as along dip.