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Sheffield Resources Ltd.
Summary
| Project: | Dampier | |
|---|---|---|
| Deposit: | Thunderbird | |
| Location: | Australia | |
| Commodities: | Zircon-Leucoxene-Titanium | |
| Date: | 7/31/2019 | |
| Report Code: | JORC | |
| Report Type: | Resource Estimation | |
| Project Stage: | Mine Development | |
| Report details: | 31-7-2019: Sheffield Resources Ltd. announces a Resource Estimation report for its Thunderbird deposit at the Dampier project. Thunderbird 10% ore reserve increase. Sheffield Resources Limited (“Sheffield” “the Company”) (ASX: SFX) is pleased to announce | |
| Resources: | (Reserve, P+P): 748Mt @ 11.2% HM | |
| CP/QP: | [Overall Report]: Per Scrimshaw (Entech Pty Ltd.) | |
| ABSTRACT: | Sheffield Resources Limited (“Sheffield” “the Company”) (ASX: SFX) is pleased to announce an updated Ore Reserve for its world-class Thunderbird Mineral Sands Project, in the north west of Western Australia. The Ore Reserve forms the basis of the Bankable Feasibility Study (BFS) Update, released on 31 July 2019. The updated Ore Reserve includes a substantial increase in contained zircon of 500,000 tonnes to 6.4 million tonnes and underlines the significant scale of the Thunderbird deposit. This Ore Reserve estimate was prepared by Entech Pty Ltd, an experienced and prominent mining engineering consultancy with appropriate mineral sands experience and industry knowledge. This Ore Reserve is based on the Thunderbird Mineral Resource estimate, announced to the ASX on 5 July 2016, where Measured and Indicated Mineral Resources were converted to Proved and Probable Ore Reserves respectively, subject to modifying factors, including mine designs and economic evaluation. The updated Ore Reserve of 748 million tonnes at 11.2% HM is an increase of 68 million tonnes or approximately 10% (based on ore tonnes) and approximately 9% (based on HM tonnes) compared to the previous Ore Reserve of 680.5 million tonnes at 11.3% HM. This reflects changes in market product pricing, reduced operating costs and the increased revenue certainty for Thunderbird. The majority of the cost estimates applied to determine the Ore Reserve have been informed by negotiated or executed agreements. In addition, binding offtake agreements account for ~100% of projected Stage 1 revenues. | |
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