Resouro Strategic Metals (ASX:RAU,TSXV:RSM) revealed the outcomes of a maiden JORC-compliant mineral useful resource estimate for the central block of its Tiros titanium and uncommon earths challenge on Wednesday (July 17).
Tiros is situated in Brazil’s Minas Gerais state, a number one iron ore, uncommon earths and phosphate jurisdiction. Its licence space covers roughly 450 sq. kilometres, together with probably the most potential portion of the Capacete Formation.
The useful resource estimate stands at 1.7 billion tonnes, divided into 1 billion tonnes within the measured and indicated class, and 0.7 billion tonnes within the inferred class. It accommodates 3,900 elements per million (ppm) whole uncommon earth oxides (TREO), 1,100 ppm magnet uncommon earth oxides (MREO) and 12 % titanium dioxide (TiO2).
“We contemplate that the common useful resource grades … are effectively above common for this model of deposit,” stated Chris Keen, president, CEO, director and founding father of Resouro in a press launch. The challenge accommodates a high-grade area deposit of 120 million tonnes at 9,000 ppm TREO containing 2,400 ppm MREO and 23 % TiO2.
Solely 7 % of the tenements comprising the challenge space are included within the useful resource estimate.
Resouro is at present finishing a metallurgical testwork program, with outcomes anticipated quickly. The corporate is working with most well-liked laboratory companions to optimise uncommon earths leaching and TiO2 circumstances.
The corporate additionally plans to finish infill drilling to develop Tiros’ useful resource estimate. After defining the Tiros central block it’ll discover Tiros Northern, Sao Gotardo and Campos Altos, which can develop into separate initiatives.
Resouro plans to undertake a scoping examine later in 2024 earlier than progressing to prefeasibility research, in addition to downstream research and product testing to align Tiros’ metallurgical flowsheet with offtake companions.
Resouro’s stake in Tiros stands at 90 %, and it closed its acquisition of that curiosity in March. The remaining 10 % is held by RBM Consultoria Mineral Eireli, an unrelated third-party vendor.
The corporate began buying and selling on the ASX on June 13 after elevating AU$8 million. Resouro’s share worth moved larger after the useful resource estimate announcement, closing the week at AU$0.54, up 12.5 %.
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Securities Disclosure: I, Gabrielle de la Cruz, maintain no direct funding curiosity in any firm talked about on this article.
