Cannon Resources (CNR.AX) has released a maiden resource estimate on the Sabre prospect, located on the Fisher East Nickel project. This resource came in at 1.8 million tonnes at an average grade of 1.4% nickel for a total of 24,500 tonnes of nickel (just under 55 million pounds) using a cutoff grade of 0.9% nickel.
This now brings the total resources at Fisher East to 116,300 tonnes of nickel (in excess of 250 million pounds) of which just over half are in the indicated resource category. The average grade if 2.1% nickel in the indicated resource category and 1.6% nickel in the inferred resource category. That’s a great start and as you can see on the image on top of this blog post, the mineralization appears to be open at depth on all four prospects so it seems to be likely more tonnes of nickel will be added to the existing resources in due course.
And keep in mind a grade of 1% nickel has a rock value of US$275/t so a resource with an average grade of 1.6-2.1% nickel has a gross rock value of in excess of US$400/t.
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