Heavy Minerals (ASX:HVY) has defined an exploration target for its Hardrock Almandine Garnet Project in South Australia.
The Kanmantoo deposit and tailing storage facility within the project has an exploration target of between 30 million tonnes and 50 million tonnes of grading from 17% to 25% garnet for 5.1 million tonnes to 12.5 million tonnes of contained garnet.
The target includes the tailings storage facility and the fresh tailings, which are rejects intercepted from Hillgrove Resources’ (ASX:HGO) copper concentrator at the Kanmantoo Copper Mine.
Kanmantoo has processed over 28 million tonnes of feed material with 27 million tonnes reported at the new tailing storage facility, with fresh feed material to be mined by Hillgrove based on the current resource of 22 million tonnes and ore reserves of 4 million tonnes.
Executive Chairman Adam Schofield says the target indicates the project’s potential to be long-life from even the lower range of resources.
“The company is currently discussing project funding with multiple debt and royalty funders and hopes to have funding secured in the near term,” Schofield says.
“In March the company is attending the AMPP conference in Houston, USA where we are meeting with multiple garnet distributors and end users with a view to executing MoUs in advance of distribution agreements being formalised.
“Subject to funding and distribution being secured, the company anticipates a financial investment decision being made in the near term.”
Heavy Minerals is an Australian industrial minerals explorer focused on its projects considered prospective for garnet, zircon, rutile, and ilmenite.
Write to Maddison Elliott at Mining.com.au
Images: Heavy Minerals
