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ILUKA RESOURCES LIMITED — Capital/Financing Update 2011
Mar 8, 2011
65116_rns_2011-03-08_3194cc8b-8f74-4628-afba-69c359d68a05.pdf
Capital/Financing Update
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ABN 57 063 977 579
ASX Release ASX code: IMA 9 March 2011
2nd Floor, 16 Ord Street West Perth WA 6005 PO Box 644 West Perth WA 6872 Telephone 08 9485 2410 Facsimile 08 9485 2840 [email protected] www.imageres.com.au
ILUKA SALE TO IMAGE COMMERCIALISATION IN NORTH PERTH BASIN
_____________
HIGHLIGHTS
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In the context of firming heavy mineral (HM) prices, Image is seeking a Development Manager/Director to commercialise and develop its North Perth Basin HM assets.
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In consideration for 1.2M Image shares (subject to a 1 year escrow) and $190,000 cash, Image will acquire from Iluka Resources Limited (ASX: ILU) four granted Mining Leases. Under the Mining Act a mining lease empowers the holder to mine the land.
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Image estimates the Iluka leases will add approximately 955,000 tonnes of contained HM to Image’s resource base, which equates to a 55% increase of Dry Mining resources at Image’s Cooljarloo Project.
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Estimated Zircon grades within the newly acquired Red Gully and Boonanarring deposits average an elevated 12% and 15% of the HM content respectively.
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Significantly, the Boonanarring elevated zircon grade resource has already been shown by ground magnetics to have the potential to extend at least a further 7.7km to the north on existing Image tenure – the potential target remains open to the north and will be subjected to ground magnetics.
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Resources and target zones along the Gingin Scarp under Image tenure are significant, representing a highly prospective HM target corridor some 65km in length extending through Gingin from Muchea to Cataby. The Iluka leases complete Image’s coverage of that 65 km corridor.
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Image’s resource base is expected to be expanded following the recent drilling of the Rhea and Middle strands at Cooljarloo and current drilling at Gingin South. This drilling is expected to identify Measured Resources.
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Image believes there is potential to significantly increase its resources in the corridor having already identified 22 km of high priority target areas using ground magnetics. Following previously reported high grade drilling results, at Gingin South, 7 km of these high priority targets are being drilled to establish Measured Resource status.
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In addition, Image has at least 15 km of high priority magnetic targets remaining to drill tested at Cooljarloo whilst ongoing ground magnetic surveys are expected to delineate further drilling targets.
Tenement Acquisition
Image has reached agreement with Iluka Resources (ASX:ILU) to acquire four granted Mining Leases, as shown in Figure 1. Three of these tenements are surrounded by exploration licences comprising Image’s 100%-owned Gingin project, with the fourth adjacent to Image’s Cataby West and Quinns Hill projects.
This acquisition gives Image control of a 65km strike length of the Gingin Scarp. Image has recognised the Gingin Scarp as a high grade/high priority target area based on its drilling at Gingin South; the presence of the high grade 2.5km-long Gingin Mine owned by Iluka; and on detailed ground magnetic surveys carried out over the last two years by Image.
The Iluka Mining Lease resources have been analysed as part of a due diligence process and Table 1 summarises Image’s estimates of the resources at a 2.5%HM cut-off. The estimated resources at other cut-offs for three of the Mining Leases is attached in Appendix 1. The Red Gully resource was estimated by polygonal methods and the resource estimate is summarised in Appendix 2. The fact that the mining leases are granted is considered significant as it will facilitate the fast track of these resources through the permitting process to development, subject to the completion of appropriate agreements with landowners.
Table 1
New Acquisition Resource Inventory @ 2.5%HM cut
| Project | Ore (Mt) |
HM (%) |
HM (kt) |
Ilmenite | Leuc | Rutile | Zircon |
|---|---|---|---|---|---|---|---|
| Gingin South | 2.8 | 5.1 | 144 | 54.1 | 14.2* | 5.3 | 7.8 |
| Boonanarring | 3.1 | 7.2 | 221 | 48.5 | 0.9 | 2.65 | 15 |
| Gingin North | 2.4 | 5.5 | 130 | 57.3 | 10.2* | 3.45 | 5.7 |
| Red Gully | 6.0 | 7.7 | 460 | 65.8 | 8.3* | 3.1 | 12.4 |
| Total | 14.3 | 6.7 | 955 | 58.9 | 7.7 | 3.4 | 11.3 |
- Leucoxene = N/Mag Leuc + Mag Leuc
Update to Image Resource Inventory
This acquisition significantly increases Image’s Dry Mining resource inventory from 1.8Mt of HM to 2.8Mt, an increase of 55% and increases the total Dry Mining + Dredge Mining resource to 7.53 Mt of HM. The breakdown of the new Dry Mining resources is shown in Table 2.
These Resources do not include the mineralisation tested by the recent drilling at Rhea and Middle Strand or any of the drilling currently being completed at Gingin South. In addition at least 30km of high priority ground magnetic targets remain to be drilled at Gingin and Cooljarloo.
Image has already stated that it aims to have greater than 5M tonnes of contained dry mining HM within the North Perth Basin. As a guide, the Tiwest JV produces approximately 0.6M tonnes of HM per year from its Cooljarloo operations, one of the biggest mineral sand mines in the world and comprises mainly dredge and some dry mining resources.
Heavy mineral commodity price forecasts remain strong, with the price for Zircon expected to increase dramatically to at least US$1300/t, Rutile up to US$750/t and Ilmenite up to US$190/t, making the present time very favourable for development.
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Figure 1 Gingin Target Corridor and New Acquisitions
3
Table 2 Updated Dry Mining Resources
| DryMiningInferred ‐ 2.5% HM Cutoff | |||||
| RESOURCE | BCM | TONNES | % HM | % SLIMES | HM TONNES |
| Gingin North | 580,000 | 1,090,000 | 5 | 14 | 57,000 |
| Red Gully | 1,455,000 | 2,570,000 | 7.5 | 10.7 | 192,000 |
| Sub ‐ Total | 2,035,000 | 3,660,000 | 6.8 | 11.7 | 249,000 |
| DryMiningIndicated ‐ 2.5% HM Cutoff | |||||
| RESOURCE | BCM | TONNES | % HM | % SLIMES | HM TONNES |
| Atlas | 530,000 | 1,100,000 | 3.2 | 19.2 | 35,000 |
| Telesto | 910,000 | 1,900,000 | 5.8 | 18.6 | 110,000 |
| Helene | 5,600,000 | 11,500,000 | 4.6 | 18.6 | 523,000 |
| Hyperion | 1,800,000 | 3,700,000 | 7.8 | 19.3 | 290,000 |
| Gingin South | 740,000 | 1,320,000 | 6 | 9 | 77,000 |
| Gingin North | 680,000 | 1,320,000 | 6 | 16 | 75,000 |
| Red Gully | 1,930,000 | 3,410,000 | 7.8 | 11.5 | 267,000 |
| Sub ‐ Total | 12,190,000 | 24,250,000 | 5.7 | 17.0 | 1,377,000 |
| DryMiningMeasured ‐ 2.5% HM Cutoff | |||||
| Atlas | 5,470,000 | 11,060,000 | 7.8 | 15.7 | 860,000 |
| Boonanaring | 1,680,000 | 3,060,000 | 7.2 | 9.9 | 221,000 |
| Gingin South | 870,000 | 1,530,000 | 4.4 | 7.2 | 67,000 |
| Sub ‐ Total | 8,020,000 | 15,650,000 | 7.3 | 13.7 | 1,148,000 |
| Total Dry | 22,245,000 | 43,560,000 | 6.4 | 11.8 | 2,774,000 |
For more information on the company visit www.imageres.com.au
Please direct enquiries to:
George Sakalidis Managing Director Phone (08) 9485 2410 Mob 0411 640 337
Roger Thomson Executive Director Phone (08) 9485 2410 Mob 0419 969 183
The information in this report is based on information compiled by George Sakalidis BSc (Hons) and Paul Leandri BSc, who are members of the Australasian Institute of Mining and Metallurgy. George Sakalidis is a director of Image Resources. Paul Leandri is an employee of Image Resources. George Sakalidis and Paul Leandri have sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which they are undertaking to qualify as Competent Persons as defined in the 2004 edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. George Sakalidis and Paul Leandri consent to the inclusion of this information in the form and context in which it appears in this report.
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Appendix 1 Detailed Resource Estimates
Gingin South (M70/0448)
| CLASS | HM CUTOFF | VOL | TONNES | HM | SLIMES | HM TONNES | ILM | ML | NML | RUT | ZIRCON |
|---|---|---|---|---|---|---|---|---|---|---|---|
| MEAS | 5.0 | 306,700 | 541,339 | 6.66 | 7.24 | 36,048 | 49.20 | 7.66 | 8.38 | 6.01 | 7.86 |
| MEAS | 4.0 | 400,150 | 705,190 | 6.17 | 7.28 | 43,537 | 48.82 | 7.59 | 8.54 | 6.13 | 8.02 |
| MEAS | 3.0 | 535,750 | 942,986 | 5.42 | 7.44 | 51,086 | 49.72 | 7.46 | 8.29 | 5.87 | 7.90 |
| MEAS | 2.5 | 872,830 | 1,526,122 | 4.40 | 7.22 | 67,080 | 50.70 | 7.27 | 8.07 | 5.59 | 7.76 |
| MEAS | 2.0 | 1,068,010 | 1,861,385 | 4.02 | 7.07 | 74,855 | 50.91 | 7.21 | 8.02 | 5.50 | 7.71 |
| MEAS | 1.0 | 1,075,260 | 1,874,147 | 4.01 | 7.08 | 75,093 | 50.90 | 7.20 | 8.02 | 5.50 | 7.71 |
| IND | 5.0 | 291,300 | 528,320 | 9.91 | 8.45 | 52,376 | 62.68 | 8.10 | 3.63 | 5.15 | 8.30 |
| IND | 4.0 | 340,700 | 614,976 | 9.16 | 8.32 | 56,339 | 61.70 | 7.96 | 3.97 | 5.10 | 8.26 |
| IND | 3.0 | 464,420 | 836,203 | 7.59 | 8.68 | 63,448 | 59.78 | 7.75 | 4.64 | 5.07 | 8.16 |
| IND | 2.5 | 739,750 | 1,320,963 | 5.81 | 8.60 | 76,736 | 57.96 | 7.53 | 5.43 | 5.05 | 7.89 |
| IND | 2.0 | 928,330 | 1,654,256 | 5.10 | 8.67 | 84,448 | 57.50 | 7.48 | 5.61 | 5.04 | 7.91 |
| IND | 1.0 | 949,860 | 1,692,758 | 5.03 | 8.70 | 85,116 | 57.58 | 7.49 | 5.57 | 5.04 | 7.93 |
| TOTAL | 5.0 | 598,000 | 1,069,659 | 8.27 | 7.84 | 88,424 | 55.86 | 7.88 | 6.03 | 5.59 | 8.08 |
| TOTAL | 4.0 | 740,850 | 1,320,166 | 7.57 | 7.76 | 99,876 | 54.82 | 7.76 | 6.41 | 5.65 | 8.13 |
| TOTAL | 3.0 | 1,000,170 | 1,779,189 | 6.44 | 8.02 | 114,535 | 54.45 | 7.60 | 6.57 | 5.49 | 8.03 |
| TOTAL | 2.5 | 1,612,580 | 2,847,085 | 5.05 | 7.86 | 143,815 | 54.07 | 7.40 | 6.84 | 5.34 | 7.82 |
| TOTAL | 2.0 | 1,996,340 | 3,515,641 | 4.53 | 7.82 | 159,303 | 54.01 | 7.33 | 6.88 | 5.28 | 7.80 |
| TOTAL | 1.0 | 2,025,120 | 3,566,905 | 4.49 | 7.85 | 160,209 | 54.07 | 7.34 | 6.86 | 5.28 | 7.82 |
Gingin North (M70/1193)
| CLASS | HM CUTOFF | VOLUME | TONNES | HM | SLIMES | HM TONNES | ILM | ML | NML | RUT | ZIRCON |
|---|---|---|---|---|---|---|---|---|---|---|---|
| IND | 5.0 | 300,625 | 590,860 | 8.27 | 15.92 | 48,871 | 57.29 | 6.53 | 3.03 | 3.24 | 5.45 |
| IND | 4.0 | 414,887 | 814,648 | 7.23 | 16.21 | 58,868 | 57.32 | 6.43 | 3.04 | 3.23 | 5.46 |
| IND | 3.0 | 593,562 | 1,155,068 | 6.12 | 15.87 | 70,696 | 57.36 | 6.29 | 3.06 | 3.20 | 5.48 |
| IND | 2.5 | 680,175 | 1,318,642 | 5.70 | 15.71 | 75,199 | 57.37 | 6.27 | 3.07 | 3.20 | 5.48 |
| IND | 2.0 | 761,600 | 1,474,898 | 5.33 | 15.75 | 78,673 | 57.37 | 6.28 | 3.07 | 3.20 | 5.48 |
| IND | 1.0 | 773,837 | 1,499,425 | 5.28 | 15.82 | 79,125 | 57.37 | 6.27 | 3.07 | 3.20 | 5.48 |
| IND | 0.0 | 773,837 | 1,499,425 | 5.28 | 15.82 | 79,125 | 57.37 | 6.27 | 3.07 | 3.20 | 5.48 |
| INF | 5.0 | 209,125 | 396,226 | 8.21 | 13.49 | 32,512 | 57.31 | 7.51 | 3.80 | 3.74 | 6.02 |
| INF | 4.0 | 310,900 | 586,062 | 7.02 | 13.28 | 41,159 | 57.31 | 7.51 | 3.80 | 3.74 | 6.02 |
| INF | 3.0 | 483,300 | 908,445 | 5.74 | 13.37 | 52,160 | 57.31 | 7.51 | 3.80 | 3.74 | 6.02 |
| INF | 2.5 | 576,812 | 1,089,729 | 5.24 | 14.04 | 57,095 | 57.31 | 7.51 | 3.80 | 3.74 | 6.02 |
| INF | 2.0 | 656,050 | 1,241,513 | 4.88 | 14.38 | 60,578 | 57.31 | 7.51 | 3.80 | 3.74 | 6.02 |
| INF | 1.0 | 687,375 | 1,299,480 | 4.74 | 14.41 | 61,600 | 57.31 | 7.51 | 3.80 | 3.74 | 6.02 |
| INF | 0.0 | 688,787 | 1,302,207 | 4.73 | 14.41 | 61,622 | 57.31 | 7.51 | 3.80 | 3.74 | 6.02 |
| TOTAL | 5.0 | 509,750 | 987,086 | 8.24 | 14.94 | 81,383 | 57.30 | 6.92 | 3.34 | 3.44 | 5.68 |
| TOTAL | 4.0 | 725,787 | 1,400,710 | 7.14 | 14.98 | 100,027 | 57.32 | 6.88 | 3.36 | 3.44 | 5.70 |
| TOTAL | 3.0 | 1,076,862 | 2,063,513 | 5.95 | 14.77 | 122,855 | 57.34 | 6.83 | 3.39 | 3.44 | 5.72 |
| TOTAL | 2.5 | 1,256,987 | 2,408,371 | 5.49 | 14.95 | 132,294 | 57.34 | 6.83 | 3.40 | 3.45 | 5.73 |
| TOTAL | 2.0 | 1,417,650 | 2,716,410 | 5.13 | 15.13 | 139,251 | 57.34 | 6.84 | 3.40 | 3.45 | 5.73 |
| TOTAL | 1.0 | 1,461,212 | 2,798,905 | 5.03 | 15.16 | 140,725 | 57.34 | 6.85 | 3.41 | 3.45 | 5.73 |
| TOTAL | 0.0 | 1,462,625 | 2,801,632 | 5.02 | 15.16 | 140,747 | 57.34 | 6.85 | 3.41 | 3.45 | 5.73 |
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Boonanarring (M70/1194)
| CLASS | ZONE | HM CUTOFF | VOLUME | TONNES | HM | SLIMES | HM TONNES | ILM1 | ILM2 | RUT1 | ZIRCON | LEUC |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| MEAS | 5 | 5.0 | 831,878 | 1,509,639 | 9.70 | 8.71 | 146,380 | 39.99 | 11.40 | 2.88 | 17.17 | 0.87 |
| MEAS | 5 | 4.0 | 1,049,178 | 1,898,147 | 8.63 | 8.83 | 163,812 | 39.67 | 11.68 | 2.86 | 16.31 | 0.88 |
| MEAS | 5 | 3.0 | 1,283,278 | 2,313,573 | 7.71 | 8.86 | 178,324 | 39.31 | 11.79 | 2.84 | 15.59 | 0.88 |
| MEAS | 6 | 2.5 | 1,385,578 | 2,494,075 | 7.35 | 8.90 | 183,309 | 39.10 | 11.81 | 2.83 | 15.35 | 0.88 |
| MEAS | 5 | 2.0 | 1,497,300 | 2,689,988 | 6.98 | 8.88 | 187,720 | 38.93 | 11.83 | 2.82 | 15.12 | 0.88 |
| MEAS | 5 | 1.0 | 1,708,883 | 3,059,688 | 6.32 | 8.80 | 193,402 | 38.80 | 11.84 | 2.81 | 14.95 | 0.87 |
| MEAS | 5 | 0.0 | 1,790,650 | 3,202,891 | 6.07 | 8.80 | 194,367 | 38.77 | 11.85 | 2.81 | 14.95 | 0.87 |
| MEAS | 6 | 5.0 | 154,261 | 293,341 | 9.49 | 13.31 | 27,833 | 26.98 | 10.65 | 1.84 | 13.13 | 0.82 |
| MEAS | 6 | 4.0 | 196,561 | 372,782 | 8.43 | 13.40 | 31,411 | 26.85 | 10.62 | 1.83 | 13.05 | 0.81 |
| MEAS | 6 | 3.0 | 259,450 | 493,187 | 7.22 | 14.05 | 35,610 | 27.15 | 10.68 | 1.85 | 13.24 | 0.82 |
| MEAS | 7 | 2.5 | 299,300 | 568,562 | 6.63 | 14.25 | 37,678 | 27.31 | 10.70 | 1.86 | 13.32 | 0.83 |
| MEAS | 6 | 2.0 | 343,839 | 651,339 | 6.07 | 14.18 | 39,536 | 27.45 | 10.69 | 1.87 | 13.31 | 0.84 |
| MEAS | 6 | 1.0 | 432,056 | 817,864 | 5.15 | 14.39 | 42,108 | 28.06 | 10.79 | 1.92 | 13.65 | 0.86 |
| MEAS | 6 | 0.0 | 450,500 | 853,309 | 4.97 | 14.54 | 42,380 | 28.08 | 10.81 | 1.92 | 13.72 | 0.85 |
| TOTAL | 5.0 | 986,139 | 1,802,981 | 9.66 | 9.46 | 174,213 | 37.87 | 11.27 | 2.71 | 16.51 | 0.87 | |
| TOTAL | 4.0 | 1,245,739 | 2,270,929 | 8.60 | 9.58 | 195,223 | 37.56 | 11.50 | 2.69 | 15.78 | 0.87 | |
| TOTAL | 3.0 | 1,542,728 | 2,806,760 | 7.62 | 9.77 | 213,935 | 37.18 | 11.59 | 2.67 | 15.18 | 0.87 | |
| TOTAL | 2.5 | 1,684,878 | 3,062,636 | 7.22 | 9.89 | 220,988 | 36.91 | 11.61 | 2.65 | 14.97 | 0.87 | |
| TOTAL | 2.0 | 1,841,140 | 3,341,327 | 6.80 | 9.91 | 227,255 | 36.69 | 11.61 | 2.63 | 14.77 | 0.87 | |
| TOTAL | 1.0 | 2,140,939 | 3,877,552 | 6.07 | 9.98 | 235,511 | 36.53 | 11.61 | 2.62 | 14.67 | 0.87 | |
| TOTAL | 0.0 | 2,241,150 | 4,056,201 | 5.84 | 10.01 | 236,747 | 36.52 | 11.63 | 2.62 | 14.69 | 0.87 |
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Appendix 2 Red Gully (M70/1192) Polygonal Resource Estimate
| Area of influence | Area of influence | Area of influence | Ore | HM | Ore | HM | Ore | |||
|---|---|---|---|---|---|---|---|---|---|---|
| Hole | Length | Width | T/ness | Grade | Tonnage | Tonnage | Volume | Slimes | ||
| No. | (m) | (m) | From | To | (m) | % | (t) | (t) | (cu.m) | % |
| IndicatedResource @2.5 % cut-off | ||||||||||
| RG0080 | 400 | 40 | 18 | 27 | 9 | 10.6 | 258,609 | 27,326 | 144,000 | 7.6 |
| RG0081 | 400 | 40 | 18 | 24 | 6 | 12.9 | 174,685 | 22,447 | 96,000 | 13.5 |
| RG0082 | 400 | 40 | 18 | 24 | 6 | 5.4 | 167,247 | 9,031 | 96,000 | 12.7 |
| RG0083 | 400 | 40 | 21 | 24 | 3 | 2.7 | 82,276 | 2,221 | 48,000 | 9.9 |
| RG0085 | 400 | 40 | 21 | 27 | 6 | 5.5 | 167,297 | 9,118 | 96,000 | 10.2 |
| RG0172 | 400 | 40 | 12 | 22.5 | 10.5 | 7.5 | 296,377 | 22,271 | 168,000 | 16.7 |
| RG0173 | 400 | 40 | 16.5 | 19.5 | 3 | 5.1 | 83,449 | 4,214 | 48,000 | 22.7 |
| RG0177 | 400 | 40 | 18 | 24 | 6 | 6.2 | 168,071 | 10,462 | 96,000 | 7.6 |
| RG0179 | 400 | 40 | 15 | 21 | 6 | 10.4 | 172,264 | 17,959 | 96,000 | 7.8 |
| RG0188 | 400 | 20 | 19.5 | 27 | 7.5 | 5.8 | 104,754 | 6,034 | 60,000 | 8.1 |
| RG0191 | 400 | 20 | 13.5 | 21 | 7.5 | 7.2 | 105,640 | 7,585 | 60,000 | 14.9 |
| RG0198 | 400 | 40 | 19.5 | 24 | 4.5 | 5.9 | 125,785 | 7,379 | 72,000 | 8.2 |
| RG0207 | 400 | 20 | 12 | 22 | 10 | 10.1 | 143,316 | 14,532 | 80,000 | 6.1 |
| RG0208 | 400 | 20 | 15 | 19 | 4 | 9.5 | 57,114 | 5,426 | 32,000 | 8.3 |
| RG0209 | 400 | 20 | 19 | 21 | 2 | 8.0 | 28,299 | 2,250 | 16,000 | 7.3 |
| RG0210 | 400 | 20 | 5 | 11 | 6 | 3.8 | 82,842 | 3,176 | 48,000 | 19.6 |
| RG0210 | 400 | 20 | 21 | 28 | 7 | 5.9 | 97,852 | 5,773 | 56,000 | 9.9 |
| RG0213 | 400 | 20 | 18 | 21 | 3 | 2.8 | 41,163 | 1,153 | 24,000 | 5.4 |
| RG0214 | 400 | 20 | 17 | 21 | 4 | 15.7 | 59,177 | 9,291 | 32,000 | 5.9 |
| RG0215 | 400 | 20 | 9 | 19 | 10 | 9.0 | 142,401 | 12,873 | 80,000 | 17.3 |
| RG0216 | 400 | 20 | 4 | 10 | 6 | 4.6 | 83,224 | 3,828 | 48,000 | 27.8 |
| RG0230 | 300 | 20 | 16 | 23 | 7 | 6.7 | 73,745 | 4,951 | 42,000 | 10.0 |
| RG0231 | 300 | 20 | 20 | 25 | 5 | 17.5 | 56,040 | 9,807 | 30,000 | 5.1 |
| RG0235 | 300 | 20 | 12 | 23 | 11 | 7.4 | 116,387 | 8,666 | 66,000 | 13.0 |
| RG0236 | 300 | 20 | 14 | 18 | 4 | 3.0 | 41,219 | 1,247 | 24,000 | 17.1 |
| RG0239 | 300 | 20 | 19 | 23 | 4 | 17.2 | 44,751 | 7,686 | 24,000 | 9.0 |
| RG0241 | 400 | 20 | 9 | 16 | 7 | 9.1 | 99,741 | 9,119 | 56,000 | 16.1 |
| RG0242 | 400 | 20 | 16 | 20 | 4 | 7.5 | 56,456 | 4,248 | 32,000 | 7.5 |
| RG0243 | 400 | 20 | 16 | 23 | 7 | 5.0 | 97,328 | 4,866 | 56,000 | 6.4 |
| RG0244 | 400 | 20 | 14 | 18 | 4 | 6.6 | 56,140 | 3,691 | 32,000 | 9.9 |
| RG0244 | 400 | 20 | 19 | 22 | 3 | 8.4 | 42,561 | 3,575 | 24,000 | 5.9 |
| RG0248 | 400 | 20 | 18 | 20 | 2 | 3.0 | 27,467 | 810 | 16,000 | 10.6 |
| RG0249 | 400 | 20 | 18 | 22 | 4 | 6.4 | 56,090 | 3,604 | 32,000 | 9.4 |
| Total Indicated 7.8 3,409,768 266,620 1,930,000 11.5 |
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| Area of influence | Ore | HM | Ore | HM | Ore | |||||
| Hole | Length | Width | T/ness | Grade | Tonnage | Tonnage | Volume | Clay | ||
| No. | (m) | (m) | From | To | (m) | % | (t) | (t) | (cu.m) | % |
| InferredResource @2.5 % cut-off | ||||||||||
| RG0041 | 800 | 40 | 21 | 24 | 3 | 7.3 | 169,144 | 12,348 | 96,000 | 25.8 |
| RG0122 | 800 | 40 | 19.5 | 28.5 | 9 | 8.6 | 511,227 | 43,795 | 288,000 | 9.1 |
| RG0130 | 800 | 20 | 21 | 25.5 | 4.5 | 6.6 | 126,334 | 8,338 | 72,000 | 9.0 |
| RG0135 | 700 | 40 | 15 | 24 | 9 | 9.1 | 448,809 | 40,991 | 252,000 | 13.2 |
| RG0137 | 700 | 40 | 16.5 | 25.5 | 9 | 7.9 | 445,533 | 35,123 | 252,000 | 6.0 |
| RG0138 | 700 | 40 | 18 | 22.5 | 4.5 | 3.5 | 217,066 | 7,670 | 126,000 | 3.9 |
| RG0144 | 600 | 30 | 24 | 28.5 | 4.5 | 10.7 | 145,552 | 15,526 | 81,000 | 9.1 |
| RG0148 | 600 | 40 | 18 | 24 | 6 | 4.3 | 249,149 | 10,589 | 144,000 | 10.4 |
| RG0045 | 600 | 40 | 27 | 33 | 6 | 6.7 | 252,818 | 16,939 | 144,000 | 16.2 |
| Total Inferred 7.5 2,565,631 191,318 1,455,000 10.7 |
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| Total Indicated + Inferred 7.7 5,975,399 457,938 3,385,000 11.2 |