The nickel deposit at the Shakespeare deposit in Elliot Lake has been expanded once again.
Ursa Major Minerals announced that recent drilling over a 10-hole, 6,055-metre program has extended the mineralization at the Shakespeare east deposit to 1.4 km and a depth of over 600 metres.
“These drill results are encouraging because the intersections continue to expand the strike length and down dip extent of the mineralization at the Shakespeare deposit,” Richard Sutcliffe, URSA Major’s CEO, said in a news release. “The company will incorporate these results in an updated NI43-101 resource estimate for this part of the deposit later this year and will evaluate the opportunity for developing an underground mine down-plunge from the planned Shakespeare east pit.”
Sutcliffe said the company would continue surveying to determine the potential for additional mineralization.
Addressing the recent announcement that a dissident group of shareholders is seeking to elect a new board of directors, third-party governance analysis and proxy voting firm Institutional Shareholder Services (ISS) said a change of board is not advisable, and encouraged shareholders to vote against change.
In a statement, ISS said they were “not comfortable recommending a wholesale change of the board, which should be given the benefit of the doubt for some more time.”
Earlier, Sutcliffe said the company is working towards a resolution with Forbes & Manhattan Inc. and Inspiration Mining Corporation “for the benefit of all shareholders,” and business would continue as usual in the interim.
The company will hold its annual general meeting on June 23.
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