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Sheffield Resources Ltd.
Summary
| Project: | Dampier | |
|---|---|---|
| Deposit: | Thunderbird | |
| Location: | Australia | |
| Commodities: | Zircon-Leucoxene-Titanium | |
| Date: | 7/5/2016 | |
| Report Code: | JORC | |
| Report Type: | Resource Estimation | |
| Project Stage: | Pursuing Feasibility Study | |
| Report details: | 5-7-2016: Sheffield Resources Ltd. announces a Resource Estimation report for its Thunderbird deposit at the Dampier project. Updated mineral resource, 100% increase in Measured category of high-grade Mineral Resource. Sheffield Resources Limited (“Sheffi | |
| Resources: | (Resource, Total): 3.230Bt @ 6.9% HM at Thunderbird (3.0% HM cut-off) | |
| CP/QP: | [Resources]: Christine Standing, Mark Teakle (Optiro Pty Ltd.;Internal) | |
| ABSTRACT: | Sheffield Resources Limited (“Sheffield”, “the Company”) (ASX:SFX) today announced an updated Mineral Resource of 3.23 billion tonnes @ 6.9% heavy minerals (HM) for its 100% owned, world-class Thunderbird Mineral Sands Project, near Derby in northern Western Australia (Figure 7). The new Mineral Resource, which was updated to include 110 infill holes drilled in the “up-dip” region of the deposit (see ASX announcement dated 10 December 2015), includes a coherent high grade zone of 1.05Bt @12.2% HM at a 7.5%HM cut-off (Measured, Indicated and Inferred). This high grade zone contains 9.7Mt of zircon, 3.0Mt of high-titanium leucoxene and 35Mt of ilmenite. Significantly, the Measured category of the Thunderbird Mineral Resource has been doubled to 220Mt @ 14.5% HM (at a 7.5% HM cut-off) with minimal change in the high in-situ zircon and ilmenite grades of 1.07% and 3.9% respectively (Table 1, Figure 1). The Measured component of the Mineral Resource alone places Thunderbird in the top tier of mineral sands deposits globally, including those currently in production. The Measured Resource occurs in the near-surface portion of the deposit, which Sheffield is targeting in early production years. This area also contains the majority of the current Proved Ore Reserve (see ASX announcement dated 22 January 2016). The Bankable Feasibility Study (BFS) will employ a start-up strategy that targets mining of the shallow portion of the Measured Mineral Resource containing very high in-situ zircon and ilmenite grades to maximise revenues in early production years (Figure 2). Sheffield’s Managing Director Bruce McFadzean said the doubling of tonnes in the highest-confidence Measured Resource category is consistent with the Company’s strategy of delivering a high-quality BFS. The BFS, which is being managed by leading engineering firm Hatch, is progressing extremely well and remains on schedule for completion by the end of 2016. | |
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