Astute Metals (ASX:ASE) has reported a ‘significant’ 18% increase to the Measured and Indicated Mineral Resource Estimate (MRE) for its Governor Broome Heavy Mineral Sands Project in Western Australia.
The $14.36 million market capitalisation company says the updated MRE and mineral assemblages will be incorporated into an upcoming Scoping Study for the project, currently slated for Q1 2024.
Astute reports the upgraded MRE includes a combined 93.4 million tonnes (Mt) of resources now in the ‘high-confidence’ measured and indicated resource categories.
All up, the MRE now sits at 102Mt @ 4.4% heavy minerals and 11% slimes.
This updated MRE incorporates the results of Astute’s 502-hole aircore drilling program carried out earlier this year, specifically designed to upgrade the category of mineral resources.
Astute has engaged TZ Minerals International to carry out the Scoping Study on Governor Broome.
The study will include the review and assessment of mining and processing options, alongside a mineral products market review.
Results from the review will be used to generate capital cost and operating cost estimates for and conduct an economic evaluation of the Governor Broome Project.
Astute Metals Executive Chairman Tony Leibowitz says the mineral resource upgrade marks a step forward in the company’s ‘value-realisation’ strategy for the project.
“Successful infill drilling programs completed earlier this year have resulted in a substantial uplift of the higher-confidence indicated and measured categories.
This means these resources can be included in the upcoming Scoping Study and will ultimately be available for conversion to ore reserves.
With this key resource upgrade now finalised, the data will be handed over to our consultants for inclusion in the Scoping Study — which remains on track for completion in Q1 2024.”
“With this key resource upgrade now finalised, the data will be handed over to our consultants for inclusion in the Scoping Study — which remains on track for completion in Q1 2024”
Meanwhile, Astute has also secured a 2-year extension of term (EoT) on its wholly owned East Kimberley Diamonds Exploration Licence in Western Australia.
The company says it can now resume previous negotiations for a joint venture and/or alternative means of reducing its funding obligations associated with the tenement.
Until then, Astute plans to conduct necessary work on the East Kimberley project to ensure compliance with the requirements of its licence.
As previously announced, the company executed an agreement with traditional landowners over the project in August. Now, Astute is aiming to finalise cultural heritage survey matters with the traditional owners.
The company is also finalising a program of work (PoW) submission to the Western Australia Department of Mines, Industry Regulation and Safety (DMIRS) for an exploration program to take place in Q2 2024.
Astute Metals is a diversified explorer focused on finding and developing critical metals. The company’s portfolio spans tier-one resource jurisdictions such as Nevada, Western Australia, and the Northern Territory.
As of 30 September 2023, the company had $4.182 million cash and cash equivalents at hand, according to its latest quarterly report.
Write to Aaliyah Rogan at Mining.com.au
Images: Astute Metals
