More news !
Very interested how big the frac sand resource will be !
Victory Nickel Announces Positive Hydrogeologic Study, Updates Minago Status
Wednesday December 10, 10:00 am ET
Water pumping rate shows 72% decrease over original estimate
TORONTO, ONTARIO--(Marketwire - Dec. 10, 2008) - Victory Nickel Inc. ("Victory Nickel" or the "Company")(TSX:
NI -
News; www.victorynickel.ca) today announced very positive results from a hydrogeologic study ("the Study") of its Minago deposit, indicating a 72% decrease in the average water pumping rate compared with initial estimates.
"We are naturally pleased with this result, as it dispels any notion that development of a mine at Minago will be hindered by water issues," said Victory Nickel CEO Rene Galipeau. "The Study confirms that water at Minago is manageable and can be dealt with in an efficient and environmentally sound manner."
The Study by Golder Associates ("Golder") was conducted to determine hydrogeologic parameters and water pumping rates for design of the dewatering system for the Minago open pit and for inclusion in the environmental impact statement. The Study shows that the average pumping rate is estimated to be a very reasonable quantity of 1,667 m3 per hour, a 72% decrease compared with an original estimate by Wardrop Engineering ("Wardrop") of 6,000 m3 per hour.
The results of the Study will be incorporated into the Minago feasibility study currently being completed by Wardrop. Wardrop is progressing well with the Minago feasibility study, however the completion date has been revised to the first quarter of 2009. This delay is primarily due to issues relating to scope changes, project optimization and personnel turnover at Wardrop. The Company will continue to announce the results of components of the feasibility study as they become available.
Frac Sand
The Company also continues to advance discussions, in conjunction with its advisor Raymond James Ltd., with respect to maximizing the value of the frac sand by-product at Minago. Frac sand, which is used to improve recoveries in the oil and gas industry and remains in high demand, forms part of the overburden that must be removed before mining nickel from the Minago open pit. Wardrop is currently finalizing a National Instrument 43-101-compliant estimate of the frac sand resource, which is expected before year end, as is an updated Minago nickel resource estimate.