Heavy Minerals expects to begin PFS this month at Port Gregory Project in WA

Heavy Minerals (ASX:HVY) is planning to conduct its next study phase this quarter at the Port Gregory Project in Western Australia, with a Pre-Feasibility Study (PFS) slated for August. 

As announced in its latest quarterly report, the company sought proposals from credible mineral sands consultants to undertake a PFS for the project following an ‘impressive’ Mineral Resource Estimate (MRE) upgrade that grew project resources by 23%. 

Heavy updated the MRE for the project to 166 million tonnes @ 4% total heavy minerals (THM) at a 2% THM cut-off grade. 

The company anticipates that the PFS will begin in August 2023 and will take about 6 months to complete. 

Meanwhile, Heavy Minerals notes a Letter of Support has been received from Dtuch Government-backed export credit agency Atradius that confirms due diligence to assess ensuring export financing for the Port Gregory Project is now set to begin. Heavy will assist Atradius with its due diligence with a view to securing Export Credit Agency (ECA) cover funding to support building a mine at the project. 

Further, the company will liaise with additional project funding institutions in parallel with Atradius to ensure the Port Gregory Project is fully funded. 

As of 30 June 2023, the company had $320,000 cash at hand, according to its latest quarterly report. 

During the quarter, Heavy also completed a LiDAR survey over the Port Gregory Project area, which has been included into the company’s data set. The data has been used to create detailed digital terrain models of the project. 

The data will also be used to assess sand volumes within the resource area, detail the potential mine area, show the location of calcrete outcrops, and show exact slope information and the location of fence lines and structures. 

Additionally, a LiDAR survey was conducted at the Red Hill Project, which will be utilised to support the development of the project. 

Commenting on the June quarter activities, Heavy Minerals Non-Executive Chairman Andrew Schofield says: “The second quarter of 2023 was another massive quarter for the company, with the impressive mineral resource upgrade being announced at the Port Gregory Project, which will provide sufficient resource definition to complete our PFS and FS studies as we approach a final investment decision for the project. 

The second quarter of 2023 was another massive quarter for the company”

Equally significant was the company’s announcement of its new garnet asset at Red Hill following the successful maiden aircore drilling program and the subsequent exploration target delineation at the project. 

The company believes it added significant value to the company for shareholders during the last quarter and will strive to continue doing so on an ongoing basis as we potentially head to production at Port Gregory.”

Heavy Minerals is an ASX-listed mineral exploration company focused on its portfolio of assets prospective for industrial minerals. The Port Gregory and Red Hill Garnet projects are both located in Western Australia.

Write to Aaliyah Rogan at Mining.com.au

Images: Heavy Minerals Ltd
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Written By Aaliyah Rogan
Relocated from the East Coast in New Zealand to Queensland Australia, Aaliyah is a fervent journalist who has a passion for storytelling. When Aaliyah isn’t writing stories, she is either spending time with friends and family or down at the beach.