Heavy mineral sands producer Strandline Resources (ASX:STA) has shipped its second batch of chloride ilmenite from its Coburn Mineral Sands Project in Western Australia.
Strandline, which has a $134.55 million market capitalisation, says roughly 5,900 metric tonnes of ilmenite was loaded at the Port of Geraldton and is destined for its offtake customer in the US.
The company reports it is focused on continuing shipments of ilmenite and zircon in concentrate (ZIC) over the December quarter.
This shipment comes only 24 hours after the company reported it had received ‘strong’ results from second reserve definition drilling being undertaken south of its Coburn project.
Strandline notes this second drilling program extends the ore reserve definition coverage out to the end of production year 5, with results providing additional detail to guide future mine planning.
Strandline holds a portfolio of development assets located in Western Australia and within a ‘major’ zircon and titanium-producing corridor in East Africa.
It is the company’s goal to develop and operate high-margin, expandable mining assets with market differentiation and global relevance in the sector.
The company’s Coburn project is located 240km north of the port of Geraldton, and Strandline says it represents one of the largest and most capital-efficient mineral sand projects in the world.
Strandline Resources had $41.3 million cash at hand as of 30 June 2023, though it raised an additional $33.8 million through an institutional placement in August.
The company also raised just under $2.743 million through a share purchase plan on the back of the placement.
Write to Adam Drought at Mining.com.au
Images: Strandline Resources
