Heavy Minerals (ASX:HVY) achieves “exceptional” THM results – The Market Herald
- Heavy Minerals (HVY) Achieves “Exceptional” Drilling Results at Port Gregory Project in WA
- Results include 11.3% total heavy minerals (THMs) over 22.5 meters and 39.5% THMs over three meters.
- The company says the results highlight a high-grade mineralized package with favorable characteristics that may lend itself to low CAPEX and OPEX mining operations.
- HVY also visually estimated the garnet fraction of the THM to be 65-75%, with 10-20% ilmenite contained, which will support a future mineral resource.
- Shares of the company are up 11.6% to trade at 24 cents
Heavy Minerals (HVY) has received assays from a 2021 drilling program at the Port Gregory project in Western Australia.
The results represent 97 holes, for almost 3100 meters, drilled on tenement E70/5160.
Best results include 13 meters at 17.9% total heavy minerals from surface, 22.5 meters at 11.3% THM from 12 meters, 12 meters at 13.3% THM from surface, 14 meters at 12, 9% THM from the surface and three meters at 39.5 percent from the surface.
According to the mineral explorer, the results highlight the presence of a high-grade mineralized zone to the east of the tenement, with surface grades in excess of 30% THM.
The mineralized package presented intervals extending over 20 meters and up to 200 meters wide. The company said these “favorable characteristics” warrant follow-up drilling.
Executive Director and CEO Nic Matich said the intercepts were “exceptional” and the features displayed offer mining potential.
“These characteristics explain why this style of deposit, which is analogous to those in the region (GMA and RDG), lends itself to low CAPEX and OPEX mining operations,” he said.
“With a large number of assay results returned, we were able to visually estimate the garnet fraction of the THM at approximately 65-75% with 10-20% ilmenite contained at many intervals.
The garnet percentage is more than one and a half times that reported by GMA. This is an extremely positive result and bodes well for the mineral resource estimate, which used a conservative garnet percentage of 46%.
Heavy Minerals is targeting a first JORC mineral resource for the Port Gregory project in March and expects to begin a scoping study the following quarter.
The company’s shares rose 11.6% to trade at 24 cents at 1:00 p.m. AEDT.