Malachite Resources (MAR) will begin drilling at the Jejevo Nickel Project in Isabel Province, Solomon Islands, this month.
A statement from the company says that they have entered into a share purchase agreement to acquire Sunshine Minerals, which currently owns 80 per cent of Jejevo.
“This agreement will need shareholder approval at the extraordinary general meeting scheduled for October 14,” the statement says.
“Drilling at the project is expected to begin by the end of October and will consist of 64 holes for approximately 1300 metres.”
The company says that the program is designed to further enhance Malachite's geological understanding of Jejevo and confirm results to allow preparation of a 2012 JORC resource estimate.
The project was previously drilled in 2013 and the company aims to do sufficient work to confirm a 2012 JORC resource at the earliest opportunity.
The JORC Code is a professional code of practice that sets minimum standards for public reporting of minerals exploration results, mineral resources and ore Reserves.
Malachite has appointed Mining One to carry out geological work on the company's nickel projects in Solomon Islands. Mining One has completed a review of the existing drilling data at Jejevo.
Mining One is currently completing a 3D geological modelling for the Jejevo deposit, which will enable a 2012 JORC resource to be estimated.
Significant historical drilling results include 13 metres at 2.04 per cent nickel from surface including 11 metres at 2.18 per cent nickel from two metres.
Malachite is up 2% per cent and is currently trading at 5 cents per share at the Australian Securities Exchange (ASX).
Source: themarketherald.com.au