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Reserves & Resources

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Mineral Resources

The mineral resource estimate for Enterprise, inclusive of the mineral reserve inventory, is presented below and reflects the position as at December 31, 2019. This estimate benefits from additional drilling and assaying data, an improved understanding of the geological/structural framework at Enterprise, and also improved estimation techniques. The estimate is consistent with that reported in the Trident Technical Report.

Mineral Resources - as at December 31, 2019, and reported using a 0.15% Ni cut-off grade

Classification Tonnes (Mt) Ni%
Non-primary sulphide
Total Measured 3.7 1.07
Total Indicated 2.7 0.53
Subtotal Meas. plus Ind. 6.4 0.84
Total Inferred 1.1 0.60
Primary sulphide
Total Measured 5.5 1.60
Total Indicated 25.7 0.95
Subtotal Meas. plus Ind. 31.2 1.06
Total Inferred 8.2 0.73
Total Mineral Resource
Total Measured 9.2 1.38
Total Indicated 28.5 0.91
Total Meas. plus Ind. 37.7 1.03
Total Inferred 9.3 0.71

The current Mineral Resource inventory was estimated and verified by David Gray of the Company who is a qualified person and holds the following valid qualifications: BSc Hons(Geo), MAusIMM, FAIG (#7323)

Mineral Reserves Estimate

The Enterprise reserve estimate is shown in the table below, reflecting the position at December 31, 2019. This estimate is consistent with that reported in the Trident Technical Report.

Mineral Reserve - as at December 31, 2019, and reported based on a $7.50/lb Ni price

Classification Non-primary Sulphide Ore Primary Sulphide Ore Total Ore
Ore (Mt) Ni (%) Ore (Mt) Ni (%) Ore (Mt) Ni (%)
Total Proven 3.8 0.98 5.7 1.46 9.6 1.27
Total Probable 2.0 0.44 23.1 0.93 25.1 0.89
Total Mineral Reserves 5.8 0.79 28.9 1.03 34.7 0.99

The current mineral reserve inventory for Enterprise has been estimated and verified by the Company’s personnel under the supervision of Michael Lawlor of the Company, who is a qualified person and holds the following valid qualifications: BEng (Mining)(Hons), MEngSc, FAusIMM.

The Trident project processing facilities can process either copper ore from Sentinel or nickel ore from Enterprise. At current metal prices, the processing of Enterprise ore has been deferred indefinitely.