- Mineral Commodities (MRC) has announced a maiden JORC resource at the Northern Beaches of the Tormin Mineral Sands Operation
- This maiden JORC resource is estimated at 2.5 million tonnes at 23.5 per cent total heavy minerals
- The resource is based on drilling from only three of the 10 deposits of Northern Beaches
- A prospecting and drilling program to target the remaining Northern Beaches and to outline a maiden ore reserve estimate will begin soon
- MRC is up 4.35 per cent on the market and shares are trading for 24 cents each
Mineral Commodities (MRC) has announced a maiden JORC resource at the Northern Beaches of the Tormin Mineral Sands Operation.
This maiden JORC resource is estimated at 2.5 million tonnes at 23.5 per cent total heavy minerals (THM) in the categories of measure, indicated, and inferred.
This mineral resource demonstrates the high-grade nature of the area, with more than 70 per cent coming from the measured category.
This measured category is also higher than any of the historical resource estimates at Tormin, previously only going as high as indicated.
The resource is based on drilling from only three of the 10 deposits of Northern Beaches.
“The delivery of a maiden JORC resource at the Northern Beaches effectively doubles the beach resource tonnes of this very high-grade placer style beach system and its unique historical replenishment characteristics,” Executive Chairman Mark Caruso commented.
“The timing of this resource aligns perfectly with our strategy to commence mining the Northern Beaches as soon as our pending Section 102 Expanded Mining Right application is granted,” he said.
The Tormin Mineral Sands Operation is located approximately 360 kilometres north of Cape Town in South Africa.
It is a high-grade placer beach mineral sands deposit and hosts some of the richest grades in the world in regards to naturally occurring minerals such as zircon, magnetite, ilmenite, and rutile.
Tormin is unique due to the speed that the mineralisation is refurbished. The heavy minerals in the area are generally replaced by new sediments from deeper waters, most of which has derived from the erosion of historical deposits.
Since operations began, MRC has mined over 12.3 million tonnes from Tormin which had an original mineral resource estimate of 2.7 million tonnes.
A prospecting and drilling program to target the remaining Northern Beaches and to outline a maiden ore reserve estimate will begin soon.
MRC is up 4.35 per cent on the market and shares are trading for 24 cents each at 1:58 pm AEST.