Resource developer FYI Resources gained 8.77 per cent in the ASX today after announcing successful first phase metallurgical drilling tests, at the Cadoux Kaolin Project, Western Australia.
The company specialises in high purity alumina development – commonly used in glass and ceramics for the high-value tech product market.
Drilling results yielded positive outlook, but the company is still awaiting mineral test results from Intertek Laboratories.
FYI Resources Managing Director Roland Hill says the company is pleased with the results and is wasting no time to continue work on the project.
“We will also be incorporating the information into our [bankable feasibility studies] and broader mine plan and environmental and permitting studies,” he said.
Reverse circulation drilling consisted of 22 vertical holes and four angled holes.
A total of 447 samples were submitted. FYI owns 100 percent interest in the Cadoux Kaolin project.