The Waterloo nickel deposit is situated approximately 5km north of the Thunderbox Gold Mine and in close proximity to the Goldfields Highway, 30km south east of Leinster.
The Waterloo nickel deposit is located within a narrow, NNW trending greenstone belt bounded by granitoids and granitic gneisses. Waterloo is a southerly plunging komatiite-hosted magmatic nickel sulphide deposit comprising matrix and disseminated style primary sulphides with local structurally remobilised massive sulphides. The sulphide assemblage consists of pyrrhotite- pentlandite and minor violarite.
The Waterloo Nickel project was previously mined between 2005-2008 by Norilsk Nickel. The deposit is currently being assessed by Saracen's technical services group to determine what options are available for future development.