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Century Peak Corp. cites ‘substantial’ nickel deposits in Dinagat

Studies commissioned by Century Peak Corp. (CPC) have found a significant amount of nickel at its twin mines on Dinagat Island.

In a statement, the miner said it estimates 9.9 million dry metric tons of resources with a grade of 1.02 percent nickel at its Casiguran mine. It also cited data showing a measured resource of 9.07 million dry metric tons with a grade of 1.07 percent nickel at its Rapid City Parcel II property, also in Dinagat.

"The reports confirm the vast amount of resources of Dinagat Island, which has been well-known among Philippine geologists," CPC quoted University of the Philippines geologist Carlo A. Arcilla as saying.

Arcilla led a team of geologists commissioned by the company to update its nickel resource estimates after substantial drilling operations at the Casiguran and Rapid City mines.

"The outlook of greater findings through consistent drilling activities is very positive because only a small portion of the mineral production and sharing agreement has been explored and mined for nickel," said CPC, which is wholly owned by listed Century Peak Metals Holdings Corp.

Out of the 1,198 hectares of the Casiguran site, only about 250 hectares have been covered by the resource evaluation. And of the more than 3,000 hectares of the Rapid City mine, only about 155 hectares have been evaluated, CPC said.

In terms of metal equivalents, CPC is looking at 100,000 metric tons of nickel and 3.5 million tons of iron at its Casiguran property, and 90,000 metric tons of nickel and 3.8 million tons of iron at its Rapid City site.

Data from the London Metal Exchange showed nickel prices were about $27,000 per ton, more than double the $11,000 price a year earlier. — N.P. Aquino, GMANews.TV

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