The company has been conducting exploration to the east and west of current mine workings with a new nickel ore shoot intersected to the east.
Tectonic said viable ore has been confirmed on two separate horizons – 1036mRl and 1018mR1 – and that the horizons remain open up and down dip.
“In an optimistic sense it could well be as big as Shoot 2, adding years onto the mine,” managing director Steve Norregard told MiningNews.net. Mining at Shoot 2 has extracted more than 200,000 tonnes at 3-3.5% nickel to date.
Being more conservative, he said the discovery would at least add 2-3 months onto the mine life.
“We are very encouraged with what we see and it augurs well for Tectonic.”
The structurally complex RAV 8 project has always had an uncertain mine life, having originally moved into production with 18 months to its name. Four years on and it had generated more than $100 million in revenue for the company. The current mine life extends into next year.
Shares in Tectonic surged to a high of 35c and was trading at 34.5c in the early afternoon.
