Industrial Minerals (ASX:IND) has acquired the historical Mukinbudin Quartz/Feldspar Project in Western Australia.
The Mukinbudin project comprises a microcline feldspar deposit within a simple, zoned, feldspar-muscovite-quartz pegmatite, similar to the company’s Pippingarra Quarry Project.
As part of the agreement, Industrial, which has a market capitalisation of $9.62 million, will pay $20,000 plus GST to privately held METS Engineering.
METS will also retain the greater of $1 per tonne for minerals mined and sold from the tenement by or on behalf of Industrial or will retain a 1% net smelter return from the sale of any mineral mined from the tenement.
Further, METS will provide all technical data for the tenement to Industrial.
The acquisition comes a week before the company’s attendance at the RIU Sydney Resources Round-up at Darling Harbour’s Hyatt Regency Hotel on 7-9 May.
“The extensive historical drilling conducted at the project provides Industrial with a wealth of geological data and insights into the mineral deposit, including the extent of quartz mineralisation within the pegmatite,” Managing Director Jeff Sweet says.
“Further to this, advanced metallurgical testwork on the highly purity quartz, alumina and potash shows excellent baseline purity levels, and a solid basis for achieving the high specifications required for high-tech high value markets.”
Industrial is planning to design and execute a drill program to define and test high purity quartz bearing zones uncovered in historical exploration reports, as well as progress metallurgical testwork to determine the high purity quartz potential.
Once completed, the company will expand marketing of quartz ore and processed high purity quartz as product specification sheets are generated from ongoing testwork.
Industrial Minerals is a critical minerals explorer and developer. The company is focused on advancing high purity silica sand and high purity quartz projects in Western Australia.
Last year’s RIU Sydney Resources Round-up attracted more than 1,500 delegates, making it the busiest since its inception in 2004. With over 800 of last year’s delegates coming from the investor or broker/fund categories, this conference offers investor engagement opportunities.
Write to Aaliyah Rogan at Mining.com.au
Images: Industrial Minerals
