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MINERAL COMMODITIES LTD — Regulatory Filings 2014
Jun 12, 2014
65371_rns_2014-06-12_55390181-62d5-4860-8c89-c15ff1fae2eb.pdf
Regulatory Filings
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Mineral Commodities Ltd
ABN 39 008 478 653
40 Murray Road North Welshpool WA 6106, Australia PO Box 235, Welshpool DC WA 6986, Australia Telephone: 61 8 6253 1100 Facsimile: 61 8 9258 3601 Email: [email protected] Web: www.mncom.com.au
13 June 2014
ADDITIONAL INFORMATION ON TORMIN EXPLORATION TARGET
Further to the presentation released on 30 May, 2014, Mineral Commodities Limited (ASX: MRC) provides the following information in accordance with the JORC Code 2012.
Page 2 of the release includes a bullet point stating that the Company has an Exploration Target of 1.7 to 2.3 million tonnes at 33-41% HM 11-14% ilmenite 2.7-3.4% zircon 0.5-0.7% rutile 14-18% garnet at its Tormin Mineral Sands Project.
The Company arrived at the exploration target based on the level of work completed by Richard Bay Minerals (RBM), and TransHex Group (THG) in their initial exploration efforts and assessment and as reviewed by the Company.
Prior to the Company’s acquisition of the Tormin project, THG mined the beach for diamonds. THG completed several phases of drilling and bulk sampling between 1989 and 1991.THG provided copies of the reports, drilling and bulk sampling to MRC. In addition to the THG work, RBM conducted separate work and assessment on the Tormin project. The RBM report, which has been made available to MRC, also referred to previous test work from as early as 1957. Accordingly, the THG work, RBM work, and earlier studies in the area combined with MRC’s own sampling of the southern beaches between 2002 and 2011 enabled the Company to establish a JORC Code (2004) compliant resource statement of 2.7Mt grading 49.4% HM as reported and disclosed in the presentation of 30 May, 2014.
The Exploration target is estimated by extrapolating the resources beyond the resource blocks along the beach sands within the Company’s tenement and the grade estimates are based on historic drilling within the Target area. Because of the age of the historic drilling the reliability of drilling results reported by the previous owners cannot be verified as reliable. Although a significant amount of work had been undertaken by THG and others and reviewed by the Company, the potential quantity and grade is conceptual in nature, there has been insufficient exploration to estimate a mineral resource in accordance with the JORC Code 2012 in excess of that disclosed, and it is uncertain if further exploration will result in the estimation of a mineral resource in excess of that disclosed.
The Company has commenced mining operations at its Tormin Mineral Sands Project and actual production results coupled with the test work being undertaken on a daily basis by the Company’s geological team will provide greater detail and certainty on the validity of the exploration target in the current year.
The Company plans to undertake aeromagnetic surveys over the area, to re-survey the existing beach profile, to re-sample the entire beach Resource area, undertake a redrilling of the existing Northern and Southern resource using Sonic Drilling techniques and to conduct resource survey and grade reconciliation and sample grading on a daily basis as part of the mining operation to correlate between stated resource and actual resource in terms of quantity, grade and replenishment.
FOR FURTHER INFORMATION PLEASE CONTACT:
Mr Andrew Lashbrooke CEO Mineral Commodities Limited [email protected] +27 21 4171700