Scandium International Mining Corp. [SCY-TSX] reported the results of its recently completed air core drilling campaign at its 100%-owned Nyngan scandium project in New South Wales (NSW), Australia. The program consisted of 11 drill holes designed to delineate the western and northwestern edges of the already established mineral resource at the project.
Peter Evensen, CEO, commented: “The 2023 drilling program is now complete. At the Honeybugle exploration licence, we found a near-surface, scandium-enriched laterite formation at the Woodlong prospect which was the subject of a previous news release; at Nyngan the drilling results have better defined the western boundary of the existing resource and reserve that are the foundation of the 2016 feasibility study and are therefore adding to our knowledge of how to optimize development of the project when it goes into production.
“I would remind investors that the Nyngan scandium project has a mineral reserve of 1.43 million tonnes at 409 ppm [parts per million] scandium entirely in the limonite mineral lithology as part of a broader mineral resource of 16.9 million tonnes at 235 ppm scandium that also includes additional limonite along with saprolite mineralization.”
Evensen continued: “The company’s core focus remains unchanged from the strategic decision taken in the second quarter of 2022 to pivot back to the portfolio of scandium assets to maximize the value of this portfolio and be prepared for when the scandium market has developed sufficiently to require this material. We continue to engage with partners and customers to secure arrangements that will allow the Nyngan project to move into production.”