The Thunderbox Operations (TBO) includes Waterloo Project (comprised of the Waterloo and Amorac nickel deposits).

The Waterloo deposit lies on the eastern limb of a tightly folded ultramafic unit in an anticlinal structure within southern extensions to the Perseverance – Mt Keith nickel belt. The nickel sulphide mineralisation at Waterloo is associated with the basal contact of a serpentinised ultramafic unit in a sequence dominated by low-Mg komatiitic ultramafic rocks, pyroxenites, mafic volcanic or intrusive rocks and metasedimentary rocks. The deposit has been outlined over a strike length of almost 900 m. The dip dimension ranges from 50 to 70 m.

There are four main styles of mineralisation at Waterloo: massive, matrix, disseminated and remobilised sulphides. The disseminated mineralisation lies stratigraphically above the matrix zone, while the majority of the high-grade mineralisation appears to be localised in the vicinity of the gold structure, which lunges shallowly south.

The massive (or breccia) sulphides are typified by nickel grades of 10% or more that occur as localised, thin zones on the basal contact of the host ultramafic or, less commonly, as thicker, presumably remobilised, zones internal to the ultramafic.

The bulk of the contained metal in the deposit occurs in a continuous zone of matrix sulphides that generally grades in the range of about 3 to 10% Ni. This zone usually occurs immediately above the basal con ........