Australian resource development company, Metallica Minerals Limited (ASX:MLM), is delighted to announce a maiden Mineral Resource reported in accordance to the JORC CODE of 1.7 billion tonnes (Bt) @ 2.2%THM for 38 Mt of contained HM (using a 1.0% THM cut-off grade), within the Gippsland Zircon-Rutile HMS project, located in south-east Victoria.
An Inferred HMS assemblage Mineral Resource for an area of closer spaced drilling has also been completed and reported in accordance with the JORC Code with results showing a significant zircon component, the most valuable of the HMS assemblage. At this stage, there is insufficient data to determine the HMS assemblage minerals for the remaining component of the Mineral Resource.
Andrew Gillies, Managing Director of Metallica Minerals, said the Mineral Resource was broadly in line with the company’s previously stated Exploration Target (see ASX Release 26 March 2012) and has enhanced the Gippsland area as an emerging mineral sands province.
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