- Following a recent drill program, Astro Resources (ARO) has revealed an upgraded Indicated Resource estimate for its W.A. Governor Broome Project
- 106 vertical air-core holes were drilled during March 2020, infilling previous patterns that were drilled in 2005 and 2006
- Total Indicated Resources increased to 52 million tonnes at 4.6 per cent heavy mineral (HM) mineralisation, a tonnage improvement of 75 per cent
- The company now plans to take on additional work on the South and East Deposits at the project, which is expected to be completed by the end of June, 2020
- Astro Resources shares have gone unchanged today, currently worth 0.2 cents each
Following a recent drill program, Astro Resources (ARO) has revealed an upgraded Indicated Resource estimate for its Governor Broome Project in W.A.
The project features three separate regions of significant heavy mineral (HM) mineralisation. The most significant of these areas contains the North Deposit, which was drilled by Metal Sands Australia in 2005 and 2006, as well as the West deposit, which was the subject of Astro Resource’s drill program earlier this year.
The company drilled a total of 106 vertical air-core holes in March, which infilled the drill patterns that had previously been established by Metal Sands. The samples were logged on-site, with potentially-mineralised intervals delivered to Western Geolabs for heavy mineral separation.
Following the conclusion of the drill program and subsequent sample analysis, the Governor Broome Project is thought to hold a total Indicated Resource of 52 million tonnes at 4.6 per cent HM mineralisation. This represents a tonnage improvement of 75 per cent compared to previous assessments.
The project’s South Deposit alone is thought to hold an estimated 11 million tonnes at 4.5 per cent HM mineralisation.
Astro Resources now plans to undertake additional work in this region, as well as at the East Deposit, to re-estimate current Inferred Resources. This program is expected to be finished by the end of June this year.
Jacob Khouri, the Chairman of Astro Resources, said the upgraded resource estimate is a solidifying event.
“The achievement of 52 million tonnes of Indicated Resources places the Governor Broome Project in a strong position to attract a combination of debt and equity so as to move the project into commercialisation and reinforces the Board’s confidence in this project,” Jacob said.
Astro Resources shares have gone unchanged today, currently worth 0.2 cents each in a $2.54 million market cap.