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Sheffield Resources Ltd.

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Summary

Project:

Eneabba

Deposit:Eneabba
Location:Australia
Commodities:Zircon-Rutile-Leucoxene-Titanium
Date:10/3/2018
Report Code:JORC
Report Type:Resource Estimation
Project Stage:Pursuing Resource Increase/Upgrade
Report details:3-10-2018: Sheffield Resources Ltd. announces a Resource Estimation report for its Eneabba deposit at the Eneabba project. Updated mineral resource estimate at Eneabba project. Sheffield Resources Limited (“Sheffield”, “the Company”) (ASX: SFX) today anno
Resources:(Resource, Total): 193.3Mt @ 3.0% THM for 5723Kt THM contained at Eneabba
CP/QP:[Resources]: Christine Standing (Optiro Pty Ltd.)
ABSTRACT:Sheffield Resources Limited (“Sheffield”, “the Company”) (ASX: SFX) today announced its annual Statement of Mineral Resources and Ore Reserves, as at 1 October 2018, as the Company transitions its Thunderbird Mineral Sands Project (Thunderbird) in northern Western Australia into development. This updated Mineral Resource and Ore Reserve Statement is reported in accordance with the guidelines of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves, 2012 Edition1 and ASX Listing Rules (“JORC Code (2012)”). The statement includes, for the first time, an upgrade of Mineral Resource estimates at the Eneabba and McCalls projects, which are also located in Western Australia, to comply with the requirements of the JORC Code (2012). The Thunderbird Mineral Resource remains at 3.23 billion tonnes @ 6.9% heavy mineral (HM) above a 3% HM cut-off (Measured, Indicated and Inferred) containing 93 million tonnes of valuable heavy mineral (VHM). The Mineral Resource includes a high-grade component of 1.05 billion tonnes @ 12.2% HM above 7.5% HM cut-off (Measured, Indicated and Inferred) containing 50 million tonnes of VHM (refer to ASX announcement 5 July 2016 for details). There has been no change to the Thunderbird Ore Reserve of 680.5 million tonnes @ 11.3% HM (Proved and Probable) (refer to ASX announcement 16 March 2017 for details). The statement includes Mineral Resource estimates for the Yandanooka, Durack, Drummond Crossing, West Mine North and Ellengail HM deposits at the Company’s Eneabba Project, which are reported under the JORC Code (2012) for the first time. The statement also includes the maiden Mineral Resource for the Mindarra Springs HM deposit. Appendices 1 and 2 to this statement include important information with regard to these Mineral Resource estimates, as required under the JORC Code (2012). Sheffield’s total in-situ tonnes of valuable heavy mineral contained within all Mineral Resource estimates (Measured and Indicated and Inferred at various cut-offs) now stands at 173 million tonnes including, 23 million tonnes of zircon and 132 million tonnes of ilmenite. Sheffield’s Managing Director Bruce McFadzean said the large, high grade Ore Reserve and growing Mineral Resource inventory demonstrates the global significance and strategic value of the Company’s mineral sands assets. “In terms of confidence, grade and tonnage, the Thunderbird Ore Reserve ranks amongst the top tier of mineral sands Ore Reserves globally, including those associated with operating mines,” Mr McFadzean said. “The strategic value of Thunderbird is further enhanced by its location in one of the world’s best mining jurisdictions, close to existing high-quality infrastructure and proximity to Asian markets. “This updated Mineral Resource and Ore Reserve Statement supports Sheffield’s strategy of growing a globally significant Mineral Resource base with a focus on large zircon rich deposits.”

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