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Base Resources Ltd.
Summary
| Project: | Kwale | |
|---|---|---|
| Deposit: | Kwale North | |
| Location: | Kenya | |
| Commodities: | Zircon-Ilmenite-Rutile | |
| Date: | 5/1/2019 | |
| Report Code: | JORC | |
| Report Type: | Resource Estimation | |
| Project Stage: | Active Mining & Production | |
| Report details: | 1-5-2019: Base Resources Ltd. announces a Resource Estimation report for its Kwale North deposit at the Kwale project. Updated mineral resource estimate at Kwale North. African mineral sands producer, Base Resources Limited (ASX & AIM: BSE) (Base Resource | |
| Resources: | (Resource, I+I): 171.0Mt @ 1.5% HM for 2.6Mt HM contained at Kwale North | |
| CP/QP: | [Resources]: Greg Jones (IHC Robbins) | |
| ABSTRACT: | African mineral sands producer, Base Resources Limited (ASX & AIM: BSE) (Base Resources or the Company) is pleased to release the maiden JORC 2012 North Dune Mineral Resources estimate (the 2019 Kwale North Dune Mineral Resource) at its 100% owned and operated Kwale Operations in Kenya. The Kwale Operation is currently based on the Central Dune and South Dune deposits, with mining operations to date focused on the Central Dune. A transition to the South Dune deposit is scheduled for June 2019. On the basis of current Ore Reserves, Kwale Operations will continue until mid-2022, which will be extended to mid-2024 subject to approval of the South Dune mining lease variation currently before the Kenyan Government. The North Dune deposit was acquired by the Company as part of the acquisition of the Kwale Project in mid-2010 but was excluded from the project’s Mineral Resources on the basis of grade and then prevailing economic conditions. A decision was taken to reevaluate the potential of the North Dune in 2018 in light of improved economic conditions, refined resource definition methodology and with insights gained from five years of operations on the Central Dune. The 2019 Kwale North Dune Mineral Resources estimate incorporates the results of an extensional and infill drill program completed in 2018 (refer to the Company’s announcements on 25 July 20181 and 18 October 20182 ) as well as earlier programs. The 2019 Kwale North Dune Mineral Resource is estimated to be 171 million tonnes (Mt) at an average heavy mineral (HM) grade of 1.5% and 38% slimes (SL) and containing 2.6Mt HM, based on a 1% HM cut-off grade. The high slimes content is likely to make the resource amenable to hydraulic mining as is currently employed at the Kwale Operations. Mining activity on the North Dune deposit would only require minimal capital expenditure due to the close proximity of the existing Kwale Operations processing facilities. With the expectation that the resource will support modest extensions to the Kwale Operations, a further drilling program will now be completed on the North Dune deposit to allow a better understanding of the resource and a study phase commenced to assess the economics of potential mine life extensions. This will proceed in parallel with the ongoing drilling programs in the Vanga and Kwale East zones in pursuit of further mine life extensions. | |
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