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Strandline Resources Ltd.
Summary
| Project: | Fungoni | |
|---|---|---|
| Deposit: | Fungoni | |
| Location: | Tanzania | |
| Commodities: | Rutile-Zircon-Ilmenite-Leucoxene | |
| Date: | 10/5/2017 | |
| Report Code: | JORC | |
| Report Type: | Resource Estimation | |
| Project Stage: | Pursuing Feasibility Study | |
| Report details: | 5-10-2017: Strandline Resources Ltd. announces a Resource Estimation report for its Fungoni deposit at the Fungoni project. Initial ore reserve at Fungoni. Strandline Resources (ASX: STA) is pleased to announce the maiden Ore Reserve for its high grade Fu | |
| Resources: | (Reserve, P+P): 12.3Mt @ 3.9% HM for 490kt HM contained at project | |
| CP/QP: | [Overall Report]: n/a (n/a) | |
| ABSTRACT: | Strandline Resources (ASX: STA) is pleased to announce the maiden Ore Reserve for its high grade Fungoni Mineral Sands Project located close to Dar es Salaam in Tanzania. The Ore Reserve forms the basis for the Fungoni Definitive Feasibility Study (DFS), and has been classified in accordance with the 2012 edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the “JORC Code”). The mining study confirms the mine plan is technically and economically robust under a range of reasonable product pricing scenarios. The Ore Reserve estimate is underpinned by detailed mine design, pit optimisation and strategic scheduling studies. The Fungoni JORC Mineral Resource estimate of 22Mt at an average 2.8% THM, classified 41% Measured and 59% Indicated, was announced on 02 May 2017. The Ore Reserve estimate focussed on the higher-grade upper domains of the resource and has resulted in a very efficient conversion rate of 79% from resource to reserve for the contained heavy mineral (HM). The orebody contains a high-unit value heavy mineral assemblage and with multiple stages of advanced beneficiation and separation, the Project produces a highly marketable suite of mineral sand products. There is potential to increase the Fungoni reserves and extend the years of operation by further optimising the mine pits as product pricing improves. The Ore Reserve estimate was prepared and signed off by AMC Consultants Pty Limited (AMC) and a range of independent specialist consultants appointed by Strandline. Strandline Managing Director Luke Graham said: “This maiden Ore Reserve provides further evidence of the strength of Fungoni, demonstrating that the Project is underpinned by an economically compelling initial mine life with scope for growth. “The mining study also confirms Fungoni boasts an exceptional, high-unit value mineral sands reserve, conventional open pit dry mining and a cost-efficient and practical operating plan.” | |
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