Mineral Commodities Ltd (ASX: MRC) has reported a high-grade Maiden Mineral Resource from Prospecting Right for the De Punt Inland Strands to the south of the existing Western Strandline deposit adjacent to the current Tormin operation in South Africa.
This Maiden Mineral Resource is reflective of the high-grade drilling results from the De Punt Western Strand previously reported.
This increase to the overall Mineral Resources at Tormin reflects the company’s focused commitment to its Strategic Plan aiming to increase Tormin’s asset value by expanding mineral resources and reserves through organic growth with the aim of significantly increasing production and returning Tormin to historical profitability levels.
The Maiden Mineral Resource has been completed utilising funds raised by the company’s most recent Rights Issue, in accordance with the anticipated use of funds (De Punt Resource and Reserve drilling, adjacent to Tormin) set out in the corresponding offer document.
There is also significant potential to increase Mineral Resources given only one of the seven identified De Punt exploration targets have been drilled.
The De Punt maiden high grade mineral resource allows the company to target extending production another 13km south, along strike of our Inland Strands deposit, expand our existing Western Strandline orebodies,” Interim CEO, Adam Bick, said.
“This extremely significant Ore Resource upgrade (57% increase in Tormin mineral resource in situ heavy mineral) significantly enhances the asset value of our Heavy Minerals division, with significant potential upside given only one of seven exploration targets at De Punt have been drilled.
“The Inland Strands provides flexibility for Tormin to sustainably mine its two producing, replenishable placer beach deposits over the long term and also provides another long term profitability source in its own right. This should provide renewed excitement for MRC shareholders that the Heavy Minerals division is moving towards its stated goals of increased scale to Tormin.”