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FYI Resources Ltd.
Summary
| Project: | Cadoux | |
|---|---|---|
| Deposit: | Cadoux | |
| Location: | Australia | |
| Commodities: | Kaolinite | |
| Date: | 10/24/2018 | |
| Report Code: | JORC | |
| Report Type: | Resource Estimation | |
| Project Stage: | Pursuing Feasibility Study | |
| Report details: | 24-10-2018: FYI Resources Ltd. announces a Resource Estimation report for its Cadoux deposit at the Cadoux project. Initial ore reserve estimate at Cadoux. FYI Resources Limited (ASX: FYI) is pleased to announce a maiden Ore Reserve Estimation (ORE) for i | |
| Resources: | (Reserve, Prob.): 2.89Mt @ 24.4% Al2O3 | |
| CP/QP: | [Overall Report]: Steve Craig (Orelogy Consulting Pty Ltd.) | |
| ABSTRACT: | FYI Resources Limited (ASX: FYI) is pleased to announce a maiden Ore Reserve Estimation (ORE) for its 100% owned Cadoux kaolin project (E70/4673) situated approximately ~220km northeast of Perth, Western Australia. The maiden ORE follows an updated Mineral Resource Estimation (MRE), calculated by CSA Global for the recently published Cadoux pre-feasibility study (PFS) (see ASX announcement 25 September 2018). FYI Resources Managing Director Roland Hill commented, “Cadoux’s Maiden Ore Reserve, estimated by Orelogy Consulting, has a Probable Ore Reserve estimated at 2.89Mt grading 24.4% Al2O3 (see Table 1 below) and is a significant step forward in the development of our HPA strategy and provides an excellent quality benchmark for our future operations. The ORE affords FYI confidence in the quality and characteristics of the in-ground kaolin at Cadoux and how that translates into a superior and consistent quality feedstock for the HPA processing and refining. “The Cadoux kaolin ORE should be capable of supporting HPA production for more than 50 years and potential additional project revenue opportunities have been identified from byproducts derived from processing the kaolin. We are very pleased with the source and also in the upgraded confidence in the estimation due to its importance to our overall HPA strategy.” The Ore Reserve includes the information provided in the previous MRE (see ASX announcement 26 July 2017) and includes data from FYI’s reverse circulation (RC) drilling program concluded in May 2018 (see ASX announcement 7 May 2018). The ORE focuses on the Indicated material of the Cadoux resource highlighted in the plan below. The Ore Reserve was estimated in accordance with the JORC 2012 Code for the Cadoux HPA Project. The Reserve estimate is based on the Mineral Resource, metallurgical test work, processing and engineering designs, the Kwinana processing plant and associated infrastructure, cost estimation, planning inputs, variables and assumptions, marketing and pricing research, all of which is detailed in the mining section of Company’s recently published PFS report. Whilst the ORE estimates a mine life of more than 50 years, financial modelling forthe project was completed on the basis of a 25-year life with various operational and financial sensitivities analysed to confirm that the project generates positive economical returns and has a reasonable likelihood of success. | |
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