The Hotinvaara deposit is now estimated to host total resources of 418 million tonnes grading at 0.21% nickel, 0.01% cobalt and 53 parts per million copper for 862,800t of contained nickel, 40,000t cobalt and 22,100t copper – mainly within the upper 250m.
The resource is based on a 0.2% nickel cut-off and a US$16,750/t nickel price.
Similar low-grade disseminated deposits have been developed in Finland, with Europe’s only two nickel refineries located in the country.
Nordic said the resource exceeded its earlier expectations and remains open in all directions, with indications of mineralisation extending well beyond the 5sq.km focus area within the wider 240sq.km project.
Early test work suggests 83-94% of the metal is contained in sulphides and appears to have “excellent liberation characteristics”.
Detailed metallurgical test work is underway and due for finalisation by mid-year.
Nordic’s geophysical surveys suggest higher-grade sulphides may be present within Pulju.
Diamond drilling is targeting areas with similarities to Anglo American’s Sakatti deposit elsewhere in Finland, which has a resource of 44.4Mt at 1.9% copper, 1% nickel and 1.46 grams per tonne of gold and platinum group elements.
Locating massive sulphide lenses could speed Hotinvaara into development and unlock the wider disseminated mineralisation as a major potential mine in its own right.
Managing director Todd Ross said Pulju was now “on the global nickel map”, with the in-situ resource well positioned to play a role in the European battery materials supply chain.
“We believe that Pulju is a project that is perfectly positioned to benefit from what we expect to be a significant recovery in the global nickel market in the coming years as the Western world seeks new sources of class-one nickel,” he said.
“Cheap Indonesian nickel is simply not an option for these customers, and that is the gap in the market we are chasing.”
He said European end-users are already focused on ‘green nickel’, with Nordic well placed to benefit from market bifurcation.
He expects Indonesian nickel will be swallowed by China, leaving European buyers desperate for domestically produced metals.
Nordic wants to be one of the first next generation mines they think about.
The junior continues to talk with potential strategic investors and joint venture partners.
Nordic completed a AS$2 million placement at 14c late last year and started 2024 with $2.9 million cash.
