Poly Met Mining announced Tuesday that a drilling update has revealed its land holdings contain more minerals than previously revealed.
Mineral Resources statements from 2018 and 2019 indicate proven and probable reserves increased by 14 percent to 290 million tons while measured and indicated resources increased by 22 percent to 795 million tons.
“We are pleased with the improvements the drilling program delivered to our mineral resource, with an additional 177 million pounds of copper, 53 million pounds of nickel and 322,000 ounces of precious metals added to the Proven and Probable Reserve category,”, President and CEO Jon Cherry said in a news release.
“The drilling program outcomes are indicative of our tremendous NorthMet asset and the progress we continue to make with the project,” Cherry said. “With a fully permitted project, we remain in ongoing discussions with potential lenders about financing while we also continue to identify opportunities to optimize and deliver the project in the most economic way possible.”
The results of drilling that commenced in the fourth quarter of 2018 and concluded in 2019 were used to convert material from the inferred category into the measured and indicated resource classes.