Metallica Minerals (ASX:MLM) near-quadruples MRE at Cape Flattery

• Metallica Minerals (MLM) has almost quadrupled the resource estimate of its Cape Flattery Silica Sand Project in Queensland
• The newly established 38.3 million tonne silica mineral resource marks a 298 per cent increase on the maiden inferred resource estimate attained in November last year
• Mineral specialists have recommended further infill and step out grid drilling at the prospect to collect more information about the target and potentially increase total resource tonnage further
• Metallica Executive Chairman Theo Psaros said the resource upgrade will provide a solid basis for future exploration
• Metallica Minerals is off 2.38 per cent following the announcement, trading at 4.1 cents per share

Metallica Minerals (MLM) has almost quadrupled the resource estimate of its Cape Flattery Silica Sand Project in Queensland.

Data from a 2020 drilling programme at the prospect fuelled a stellar 298 per cent increase at the high purity silica sand resource and in turn, upped its status from an initial to an indicated resource.

The project is located approximately 200 kilometres north of Cairns in northern Queensland.

The newly established indicated resource weighs in at 38.3 million tonnes at 99 per cent silicon dioxide and 0.12 per cent iron (III) oxide and a 98.5 per cent cut-off grade.

This resource effectively quadruples the maiden inferred resource estimation established in November 2020 of 12.85 million tonnes, which was based on eight right shallow hand auger holes.

Ausrocks, which oversaw the resource assessment, have tipped a likely further increase of the total resource tonnage upon following additional infill and step-out grid drilling.

In addition, the definition of the extent and characteristics of coloured sands is unknown and could be “extensive in size” according to a company statement.

In terms of next steps, Ausrocks has recommended Metallica undertake a gridded or semi-gridded drilling program over the whole resource area to collect more information about the target’s colour, sand thickness and extent of its margins.

Metallica Executive Chairman Theo Psaros said the resource upgrade will provide a solid basis for future exploration.

“Importantly this is a significant step towards advancing the development of our high-quality silica sand project to contribute supply for the growing global demand for premium quality silica,” he commented.

Metallica Minerals is off 2.38 per cent following the announcement, trading at 4.1 cents per share at 12:50 pm AEDT.