Iluka Resources (ASX:ILU) increases resource estimate for Wimmera project, Victoria

• Iluka Resources (ILU) updates its resource estimate and ore reserve for the WIM100 heavy mineral deposit at its Wimmera project in Victoria
• The company now estimates the deposit to contain an indicated resource of 18 million tonnes of heavy minerals and an inferred resource of three million tonnes
• This marks a 9 per cent increase in the total reported resource tonnage and an 11 per cent increase in indicated resources compared to ILU’s last estimate in November 2021
• The company also released a probable reserve estimate of 9.9 million tonnes of contained heavy minerals for the WIM100 deposit
• Iluka first flagged the resource update on Tuesday this week but released a revised version of the announcement containing some extra details late on Wednesday
• Shares in Iluka Resources are down 0.95 per cent to $10.40 at 10:07 am AEDT

Iluka Resources (ILU) has updated its resource estimate and ore reserve for the WIM100 heavy mineral deposit at its Wimmera project in Victoria.

Following additional exploration and modelling, the company re-estimated its WIM100 deposit to contain an indicated mineral resource of 380 million tonnes of material grading 4.6 per cent heavy minerals for 18 million tonnes of contained heavy minerals.

Furthermore, the inferred mineral resource category was reported to have 70 million tonnes of material grading 4.3 per cent heavy minerals for three million tonnes of contained heavy minerals.

This means between these two categories, the resource estimate came to 450 million tonnes grading 4.6 per cent heavy minerals for 21 million tonnes of contained heavy minerals.

According to the company, this is a 9 per cent increase in the total reported resource tonnage and an 11 per cent increase in the indicated resource category compared to its last resource estimate in November 202.

On top of the updated resource estimate, Iluka released a probable reserve estimate for the WIM100 deposit of 180 million tonnes grading 5 per cent heavy minerals for 9.9 million tonnes of contained heavy minerals.

WIM100 is the company’s primary focus for the Wimmera project. The project was recently approved by Iluka’s board for a definitive feasibility study.

Iluka first flagged the resource update on Tuesday this week but released a revised version of the announcement containing some extra details late on Wednesday.

Shares in Iluka Resources were down 0.95 per cent to $10.40 at 10:07 am AEDT.