RE: RE: Drilling news!! Yes, total Nickel. Thanks Inglorious.
That being said, those 8 samples average 2333 ppm total nickel, or 0.23%. I'd also like to remind everyone that the successful metallurgical testwork done on Decar samples in July 2011 was from a 1-tonne composite that averaged 0.22% total nickel, or 0.14% as nickel-in alloy. From the FPX website:
The metallurgical test work demonstrated the nickel-iron alloy is recoverable using conventional, low-risk two-stage grinding and magnetic separation process. This produced a ferronickel concentrate grading 2.6% nickel based on an 80% recovery of the nickel-iron alloy, which represents 49% of the rock's total contained nickel. The concentrate also averaged 52% iron (mainly present as magnetite) and 2.2% chromite, with no deleterious minor elements.
Also, prescient, I'm glad to see you've been adding, because I have too. Although I'm a little worried about the ease at which I bought my shares last week at .465, .46, and .45, I am going to continue freeing up cash and accumulating FPX. The only reason the stock is fading is because the nickel market is weak. The story continues to get better and it's only time before we get drill results from the 100% owned properties (Sep/Oct 2012). The best part is we'll have drill results and then we'll have a PEA from Decar 9 months before the standstill agreement is up. The stock will have no choice to rocket without Cliffs having the ability to take it out at 1 or 2 bucks.