GLOBAL Ferronickel Holdings, Inc. (FNI) announces drilling results from the exploration program of its subsidiary Platinum Group Metals Corp. (PGMC).
Mineral resources at Cagdianao Area 3 Deposit (CAGA 3) reflected a 78 percent increase or 5.624 million dry metric tons (DMT) over the last estimate on June 30, 2016. Measured and indicated resources stood at 12.809 million DMT with an average grade of 1.2 percent nickel and 27.5 percent iron.
Material mix consists of 75 percent or 9.588 million DMT medium-grade, 14 percent or 1.827 million DMT high-grade and 11 percent or 1.394 million DMT low-grade.
Further, the CAGA 3 deposit contains additional inferred resources of 2.196 million DMT with an average grade of 1.12 percent nickel and 20.11 percent iron. (PR)