Mineral Commodities Ltd’s (ASX:MRC) 50%-owned subsidiary, Mineral Sands Resources (MSR), has hit significant high-grade mineralization in the completed first phase of resource definition drilling from the De Punt Prospecting Right in South Africa.
The De Punt Prospecting Right was only granted 28 July 20221, reflecting the company’s focused commitment to its Strategic Plan objective to increase Tormin’s asset value by expanding mineral resources through organic growth.
Significant results from the first phase of resource definition drilling include:
• DP-L16-1: 12m @29.48% VHM3 (61.68% THM) from 27m (Incl. 11m @31.08% VHM (65.11% THM) from 28m)
• DP-L20-1: 4m @28.24% VHM (66.65% THM) from 34m (Incl. 3m @35.97% VHM (84.36% THM) from 35m)
• DP-L23-3: 4m @27.59% VHM (53.82% THM) from 37m (Incl. 2m @38.12% VHM (70.37% THM) from 38m)
• DP-L20-2: 6m @24.13% VHM (56.39% THM) from 34m (Incl. 3m @38.3% VHM (76.97% THM) from 36m)
To provide context, average VHM (%) grades for the financial year ended 31 December 2022 for the Northern Beaches and Tormin Beaches were 10.5% VHM and 9.1% VHM respectively. The Maiden Ore Reserve estimate for the Western Strandline of 21.8Mt was at 31.0% THM. The drilling results above are significantly higher than current beach and Inland reserve material.
De Punt resource and reserve drilling that has been completed utilizing funds raised by the company’s most recent Rights Issue, in accordance with the anticipated use of funds set out in the corresponding offer document.
The company expects to deliver a Maiden JORC Mineral Resource for the De Punt prospect in the coming months and will continue to progress all activities required to develop the deposit as soon as possible.
“MRC is exceedingly pleased with the results seen to date in the initial De Punt drilling programme,” CEO, Adam Bick, said.
“These spectacular results clearly indicate the existence of a large, high-grade, southern extension to the Western Strandline. MRC will use these results to deliver a Maiden JORC Mineral Resource that is expected to materially extend the life of mine of the Tormin asset beyond the current Geelwal Inland Strands resource and reserves”.
Background
In July 2022, the company was granted De Punt Prospecting Right 10240PR to explore the Inland Strands area, covering 4,495ha. This prospecting area is 13km long and adjacent to the existing mining operations.
In August 2022 an airborne magnetic and radiometric (AMR) survey was conducted over the De Punt Prospecting Right with two main linear magnetic trends identified within the tenement; the Western linear trend which is 13km long and the Eastern linear trend with an aggregate length of eight km.
Geologically, these magnetic trends appear to be a continuation of palaeo-marine strandlines identified at Geelwal Karoo, the Western Strandline (35-40m above mean sea level), and an Eastern Strandline (~86m above mean sea level). Geelwal Karoo strandlines reported a total of 212.7Mt Mineral Resources and 21.8Mt maiden Ore Reserves with mining of the Western Strandline having commenced in 2020.
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