Ursa Major Minerals is reporting a profit during the first quarter of 2011, while drilling continues to yield higher mineralization.
For the period ended April 30, the company reported gross revenue of $3,341,928 on the sale of metals at its Shakespeare Mine, located 70 km west of Sudbury. Additionally, the company reported a mine operating profit on mining activities of $324,031, a net loss of $387,303,
and comprehensive loss of $367,303 during the same time period.
Ursa delivered a total of 41,917 tonnes of ore to the Strathcona Mill at a grade of 0.332 per cent nickel, 0.388 per cent copper, 0.020 per cent cobalt, 0.356 g/t platinum, 0.396 g/t palladium, 0.186 g/t gold and 2.267 g/t silver.
Recent drilling down-plunge from the Shakespeare East nickel deposit has extended nickel-copper mineralization below the deposit.
According to a news release, a highlight of the program is hole U3-122, which intersected 5.19 metres grading 0.81 per cent nickel, 0.48 per cent copper, 0.03 per cent cobalt, and 1.20 g/t precious metals—one of the highest grade intersections reported to date at Shakespeare.
Ursa CEO Richard Sutcliffe noted the drilling program has “extended the strike length of the Shakespeare mineralization to over 1.6 km,” and that “results in U3-122 show a zone of higher-grade nickel mineralization with a wider envelope of nickel-copper mineralization.”
He believes the program is a successful strategy in determining mineralization.
“The company will incorporate thse results in an updated NI 43-101 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,” he said in the release. “The main focus of the current exploration program, including borehole EM and diamond drilling, is to increase the resources at Shakespeare.”
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