Lunnon Metals reports significant increase in Baker nickel deposit MRE

Lunnon Metals Limited (ASX: $LM8) has announced an 11% increase in the Mineral Resource Estimate (MRE) for the Baker nickel deposit at the Kambalda Nickel Project. The updated MRE for Baker is now 1.0Mt @ 3.3% Nickel (Ni) for 33,700t of nickel metal, with all the nickel metal sitting within 350m of the surface. This increase follows over 6.7km of additional drilling completed since December 2022, primarily focused on de-risking the deposit, particularly the shallower near-surface portions that would be accessed and mined first in any future development.

Managing Director, Edmund Ainscough, comments on Baker nickel deposit update

Managing Director, Edmund Ainscough, expressed his satisfaction with the significant increase in the Baker nickel deposit's Mineral Resource Estimate. He highlighted the positive attributes of the deposit, including its high-grade, shallow depth, excellent metallurgical properties, and ease of access, making it a prized asset for Lunnon Metals. Ainscough also emphasized the Company's commitment to de-risking Baker, growing it, and recently permitting the future mine, positioning the company well for the development of Kambalda's first brand new nickel mine in nearly 30 years.

Lunnon Metals' outlook and corporate strategy

Lunnon Metals' discovery of approximately 3.0 million tonnes at 2.5% Ni containing 74,600 tonnes of nickel metal since its June 2021 listing on the ASX reflects the company's ambitious growth. The global MRE across the KNP is now 4.2 million tonnes @ 2.7% Ni for 113,600 contained nickel tonnes, with the combined Foster-Baker component totaling 3.1 million tonnes @ 3.0% Ni for 95,100 contained nickel tonnes. The Company's focus on de-risking the Baker deposit and obtaining the necessary approvals demonstrates its commitment to future development. Lunnon Metals' decision to preserve cash while evaluating its gold opportunities and updating the combined Baker and Foster Pre-Feasibility Study reflects a strategic approach to maximize value under current market conditions.