- Suvo Strategic Minerals (SUV) shares rise as it announces its maiden mineral resource estimate at its Nova Silica sand project
- The estimate shows 216 million tonnes of inferred mineral resource, which includes silica glass sand, silica flour and coarse silica sand
- Notably, the estimate is from 15 per cent of Suvo’s granted tenure
- Further drilling is planned at Nova to extend and increase the resource
- Suvo is up 3.13 per cent and is trading at 16.5 cents per share at 11:27 am AEDT
Australian kaolin and silica sand exploration company Suvo Strategic Minerals (SUV) has announced its maiden mineral resource estimate at its Nova Silica sand project.
The estimate shows 216 million tonnes of inferred mineral resource, which includes silica glass sand, silica flour and coarse silica sand.
Silica glass sand sits at 132 million tonnes at 99.24 per cent silicon dioxide, low deleterious elements including iron(III) oxide of 0.05 per cent, titanium dioxide of 0.04 per cent and aluminium oxide of 0.36 per cent.
Silica flour is 60 million tonnes and coarse silica sand sits at 24 million tonnes. Both of these sands are suitable for foundry applications.
The inferred mineral resource estimate completed at Nova is reported with the 2012 JORC Code guidelines
Test work has shown that the various sands can be suitable for use in glass manufacturing, foundry applications and as a filler or for wellhead cement additives.
Executive Chairman Robert Martin said the results benefited from the extra time the company took to test Nova.
“Achieving a 216 million tonne resource with low deleterious elements from approximately 15 per cent of our granted tenure is truly amazing,” he said. “Suvo now has one of the best if not the best silica resources in the Midwest. I would like to thank shareholders for their patience and congratulate the staff and consultants for their diligence in working towards these results.
“Nova’s numbers allude to the true potential of this deposit and we as a team are focussed on unlocking that considerable value. Nova’s maiden Inferred Mineral Resource is the first step towards commercialising what we believe will be a world class asset. The board and management team look forward to updating the market as further developments occur.”
Further drilling is planned at Nova to extend and increase the resource, bulk samples from this will be used in metallurgical test work and final product generation.
Suvo was up 3.13 per cent and trading at 16.5 cents per share at 11:27 am AEDT.