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- Heavy Minerals’ (HVY) maiden mineral resource estimate (MRE) for the Port Gregory Garnet Project in WA exceeds its target
- The maiden MRE reads 135 million tonnes at four per cent total heavy mineral with 4.9 million tonnes of contained garnet, which is equivalent to five years of global demand
- Pit optimisation work will begin in the coming weeks to test areas where mineralised zones could be converted into potential mining inventory for a scoping study
- HVY also has the opportunity to complete infill and extension drilling to increase the JORC confidence of the resource and add further tonnes to the resource inventory
- Shares in HVY are up 4 per cent on the market, trading at 26 cents at 11:15 am AEST
Heavy Minerals’ (HVY) maiden mineral resource estimate (MRE) for the Port Gregory Garnet Project in WA has exceeded its target.
The maiden MRE reads 135 million tonnes at four per cent total heavy mineral (THM), with an indicated mineral resource of 88 million tonnes at 3.8 per cent THM, and an inferred mineral resource of 47 million tonnes at 4.5 per cent THM.
Further, the MRE has 4.9 million tonnes of contained garnet which is equivalent to five years of global demand.
In the coming weeks, IHC Mining will undertake pit optimisation work to test areas where mineralised zones could be converted into potential mining inventory for a scoping study.
HVY also has the opportunity to complete infill and extension drilling to increase the JORC confidence of the mineral resource and potentially add further tonnes to the resource inventory.
“The HVY board were confident that the Port Gregory project was highly prospective, however, the size and quality of the resource has exceeded all expectations and this positions HVY as the next potential garnet producer in the region,” CEO and Executive Director, Nic Matich said.
“High grade, shallow mineralisation, lends itself to a low-cost mining operation. The company is firmly of the view that the Port Gregory asset is a world-class deposit.”
Shares in HVY were up 4 per cent, trading at 26 cents at 11:15 am AEST.
