- Heavy Minerals (HVY) records “exceptional” results from the first round of drilling at its Red Hill project in Western Australia
- The top result from the company’s maiden 48-hole air core program was 43 metres grading 6.2 per cent total heavy minerals
- Garnet percentages within heavy mineral fractions ranged between 65 and 80 per cent, similar to fractions observed at HVY’s Port Gregory project to the north
- There was a delay in receiving these initial results due to the lab used upgrading its facilities, and the balance of the results is expected within the next few weeks
- HVY shares are trading at 15 cents at 2:34 pm AEST
Heavy Minerals (HVY) has recorded “exceptional” results from its first round of drilling at its Red Hill project in Western Australia.
The company has received the first results for its maiden 48-hole air core program, with a top intersection of 43 metres grading 6.2 per cent total heavy minerals.
HVY said a number of intercepts exceeded five per cent total heavy minerals.
Additionally, garnet percentages within the heavy mineral fractions ranged between 65 and 80 per cent, which the company said was similar to fractions observed at its Port Gregory project 33 kilometres to the north.
Non-Executive Chairman Adam Schofield said the company was “very pleased” with the large, garnet-enriched mineralised sand package identified.
“The exceptional results … are indicative of potentially economic grades suitable for mining and mineral processing,” Mr Schofield said.
The results come from drilling completed in January. The laboratory HVY used to process samples from both Red Hill and Port Gregory was upgrading and relocating its facilities, which resulted in a six-week delay in the processing of samples.
The balance of the drilling results is expected within the next few weeks.
In the meantime, HVY anticipates it will commence its pre-feasibility study for the Port Gregory project next month.
HVY shares were trading at 15 cents at 2:34 pm AEST.