Heavy Minerals ticks off another key Port Gregory milestone

Heavy Minerals (ASX:HVY) is looking to further de-risk and advance development at its Port Gregory Garnet Project in Western Australia, with Martinick Bosch Sell (MBS) Environmental engaged to undertake permitting work. 

The $6.05 million market capitalisation company says MBS will evaluate all requirements and establish a ‘robust’ permitting strategy and tactical plan.

Heavy reports the initiation of these workstreams represents another ‘key’ milestone essential for reaching a final investment decision (FID). The initial evaluation phase of work is expected to be completed in Q4 this year (2023).

In tandem with MBS’ permitting work, Heavy Minerals will also work to bolster its agency and stakeholder engagement.

The company notes these developments closely follow its decision to award mining services firm IHC Mining a contract for a Prefeasibility Study (PFS) at the project, as reported earlier this month (3 October 2023).

Heavy Minerals stated it expected the PFS to be completed in Q1 2024 and that multiple development options would be explored to provide the company with optionality to maximise the net present value (NPV) of the project.  

Heavy Minerals Chief Executive Officer (CEO) Andrew Taplin says the company is continuing to stack its achievements at Port Gregory.  

“The commencement of work on project permitting represents a substantial achievement for Heavy’s Port Gregory project. This, coupled with the earlier announcement of the initiation of the Port Gregory Prefeasibility Study earlier this month, constitutes crucial strides toward a final investment decision. 

These developments mark significant milestones for our company, underscoring our progress toward the realisation of Western Australia’s next world-class industrial garnet mine at Port Gregory. 

“These developments mark significant milestones for our company, underscoring our progress toward the realisation of Western Australia’s next world-class industrial garnet mine at Port Gregory”

We look forward to keeping our stakeholders informed as we advance through these key stages of our project.” 

Heavy Minerals is scheduled to exhibit at the upcoming International Mining and Resources Conference (IMARC) in Sydney from 31 October to 2 November 2023. Mining.com.au is an official media partner of IMARC, which will showcase 500-plus mining leaders and resource experts throughout 7 concurrent conferences. 

Heavy Minerals is an ASX-listed explorer with a portfolio of projects considered prospective for industrial minerals including but not limited to garnet, zircon, rutile and ilmenite. 

The company’s Port Gregory project is located in Western Australia and has a JORC (2012) measured, indicated, and inferred Mineral Resource Estimate (MRE) of 166 million tonnes (Mt) @ 4% total heavy minerals, which includes 5.9Mt of contained garnet and 260,000 tonnes of ilmenite. 

Heavy Minerals had $320,000 cash and cash equivalents at hand as of 30 June 2023, although the company noted at the time that it was reviewing a number of suitable funding options. It entered into royalty funding agreements with unrelated subscribers on 29 September and raised $500,000.

Write to Adam Drought at Mining.com.au

Images: Heavy Minerals
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Written By Adam Drought
Born and raised in the UK, Adam is a sports fanatic with an interest in Rugby League and UFC/MMA. When not training in Muay Thai and Brazilian Jiu Jitsu, Adam attends Griffith University where he is completing his final year of a Communication & Journalism degree.