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Sheffield Resources (ASX:SFX) has today confirmed a “pleasing” return for the maiden Mineral Resource at its South Atlantic Project in Brazil.
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The MRE came in at 771Mt at 3.0% THM (indicated and inferred) for 23Mt of contained Total Heavy Metal (THM) elements with an atomic number greater than 20 and atomic density above five grams per cm-3.
It’s been a good week for the company, with Sheffield’s Rio Grande Mineração S/A (RGM) also granted an Installation Licence for the Central Retiro area of interest, which forms part of the wider Retiro deposit.
This advances the opportunity to secure a Mining Decree for the initial project area.
Sheffield’s efforts at RGM have focused on locking down the Central Retiro mining decree, securing project approvals and completing the pre-feasibility study.
The project has been assigned a JORC Classification of Indicated and Inferred Resource, which is supported by the following criteria:
- drill hole spacing (based on variography);
- continuity of geology, THM mineralisation, and mineralogical identification; and
- distribution and weighting of mineral assemblage composites.
On the results shared today, Sheffield executive chairman, Bruce Griffin, declared: “The team at Rio Grande Mineração has worked diligently to deliver an outstanding result for the Retiro and Bujuru project areas.”
“We also welcome approval of the Installation Licence for Central Retiro, enabling Rio Grande Mineração to now progress the award of a Mining Decree.”
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Results-wise, the company reported the Retiro deposit MRE had a cut-off grade of 1% HM. This comprises a total Mineral Resource of 429Mt at 3.1% THM, 0.6% slimes and 0.1% oversize, containing 13.3Mt of THM with an assemblage of 41% ilmenite, 11% altered ilmenite, 6% zircon, 3% rutile, and 1% leucoxene.
By comparison, Bujuru’s MRE has a cut-off grade of 1% THM and comprises of a total Mineral Resource of 343Mt at 2.8% THM, 4.9% slimes, and 0.2% OS containing 9.6Mt of THM with an assemblage of 51% ilmenite, 7% altered ilmenite, 6% zircon, 3% rutile, and 0.3% leucoxene.
SFX shares were 14.5 cents through afternoon trade.
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