LONDON, Jun. 23 --Toledo Mining Corp. PLC (TMC.LN), a mining company focused on nickel exploration and development in the Philippines, said Tuesday its Berong nickel project on Palawan Island currently hosts a JORC resource of 10Mt at 155,000t contained nickel, sufficient to supply a direct ore shipping operation for 15 years.
-Toledo is currently undertaking a 20,000 million drilling programme with the aim of expanding the JORC resource to 40Mt, sufficient to support a 20,000tpa nickel processing operation in line with its stated strategy of in country value added processing.
-As of early June, 5,317 million of the planned 20,000 million program had been completed comprising 531 holes.
-In addition to exploration drilling, 81 holes (1,400 million) have been completed in the existing mining area with the aim of improving resource definition and grade control.
-Several of the previously drilled holes within the current mining area, on which the existing JORC resource is based, ended in nickel mineralization.
-Assay results received to date indicate the potential for the nickel resource within the current mining area to be thicker and therefore larger than previously thought.
-The Company intends to drill more holes in the mined area once the interpretation of the 54 holes for which assay results have been received to date is completed.
-Shares closed Monday at 24.25 pence.