Strandline Resources (ASX:STA) has received ‘strong’ assay results from its second ore reserve definition drilling program, undertaken immediately south of the active mining areas at its Coburn Mineral Sands Project in Western Australia.
The $160.88 million market capitalisation company says 24,892m of ore reserve drilling has now been completed across 640 drillholes at nominal 125m drill lines and 50m drillhole spacing.
This second campaign extends the ore reserve definition coverage out to the end of production year 5, with the results providing additional detail to guide future mine planning.
Strandline Managing Director Jozsef Patarica says the drilling has returned significant mineral sands intersections, as well as validating broad, continuous, and often shallow zones of mineralization.
“The ore reserve drilling is being undertaken as part of our broader focus on optimisation and improvement initiatives at Coburn, with the objective of providing additional data to assist to help guide our mine planning and scheduling moving forward.”
The drill results reported so far have either met or exceeded the company’s expectations.
Significant in-fill drill intersections include CBC4945 – 8m @ 4.0% Total Heavy Mineral (THM) from 35m; CBC4781 – 3m @ 3.3% THM from 20m; CBC4795 – 24m @ 2.8% THM from 26m; CBC4939 – 6m @ 2.4% THM from 34m; and CBC4993 – 12m @ 2.3% THM from 27m.
Patarica says encouragingly, Strandline is seeing results that further increase the company’s confidence levels in the existing mineral resource as well as some ‘better-than-expected’ intercepts, both within the 2022 ore reserve pit shells and between pits.
“These results will strongly support the next mineral resource and ore reserve update, which we are aiming to deliver in the March 2024 quarter. The company is now finalising drill sample assaying which will lead into an updated geological interpretation and mineralogical compositing.”
Write to Adam Orlando at Mining.com.au
Images: Strandline Resources