China Natural Resources is currently engaged in the acquisition and exploitation of mining rights in Inner Mongolia, including preliminary exploration for nickel, lead, silver and other nonferrous metal
China Natural Resources to advance Nickel Exploration at Moruogu Tong Mine. (Credit: jplenio from Pixabay)
China Natural Resources, Inc. (NASDAQ: CHNR) (the “Company”) announced today that it plans to accelerate its exploration efforts and capital expenditures in 2022 at its Moruogu Tong Mine in Inner Mongolia. Exploration conducted in 2013 revealed geochemical anomalies associated with nickel and gold in the southern part of the mine area but did not indicate any concentration. The 2013 exploration was on a lead deposit in the northern part of the mine area, and no exploration work has been carried out since 2013 in the southern part of the mine area with nickel and gold anomalies. In view of the current scarcity of nickel, the Company plans to accelerate exploration progress and increase capital expenditures in the southern part of the mine area to continue to explore the presence of nickel and other minerals.
Over the near term, the Company plans to fund another six drilling holes to speed the resource capture process in the southern part of the mine area. The exploration and access holes are typically 600 meters deep, with an expected initial investment of CNY2.16 million in total for the additional six holes.
Mr. Wong Wah On Edward, Chairman of the Company, commented, “We hope to further increase our optimism and expectations for the potential value creation of the Moruogu Tong Mine. Commodities prices remain high, with demand continuing to outstrip supply. We do not foresee a significant easing of this situation with demand for raw materials expected to grow further, led by many segments of the global economy from electric vehicles to TVs and electronics. And while demand levels continue to spike, supply continues to lag, which puts an even greater urgency on exploration opportunities and the potential for higher valuations of assets like our Moruogu Tong Mine. In addition to the planned increased investment in our Moruogu Tong Mine, we are evaluating strategic options with other natural resource mines, including copper mines, vanadium mines and kaolin mines, as we work to better monetize all of our assets for shareholders.”
Source: Company Press Release