Mineral Commodities (ASX:MRC) Delivers First Ore Reserve for Tormin Inland Strand – The Market Herald

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  • Mineral Commodities (MRC) Announces First JORC Ore Reserve for the Western Strandline of the Tormin Mineral Sands Operation in South Africa
  • The ore reserve stands at 21.8 million tonnes at 31% total heavy minerals (THMs) containing 6.7 million tonnes of heavy minerals in the proven and probable categories
  • Managing Director Jacob Deysel says this marks an important step in his expansion strategy to double production from 1.2 million tonnes per annum (Mtpy) to 2.4 Mtpy
  • Company Plans Drilling Program to Fill West and East Shore Inferred Resources and Update Mineral Resources and Ore Reserves
  • The MRC is down 3.85% and trading at 12.5 cents

Mineral Commodities (MRC) has announced an initial JORC ore reserve for the Western Strandline of the Tormin Mineral Sands operation in South Africa.

The Western Strandline Maiden Ore Reserve is located at 21.8 million tonnes at 31% total heavy minerals (THMs) containing 6.7 million tonnes of heavy minerals in the proven and probable categories.

This is a subset of the recently announced Western Strandline mineral resource estimate of 193 million tonnes at 9.5% THM.

The Ore Reserve Area is adjacent to existing processing infrastructure and includes the interior portions of Extended Mineral Rights (EMR) 162 and 163 of MRC Mineral Sands Resources’ 50% subsidiary.

Managing Director Jacob Deysel said the first ore reserve was an “important step” that underpins the company’s growth strategy.

“The growth of Inland Strand’s resources and now the First Ore Reserve allows us to take a critical look at our expansion strategy for Inland Strand’s operations.

The first ore reserve is based on a pre-feasibility study (PFS) and on the 74 million tonnes of measured, indicated and stockpiled resources.

Mineral Commodities is planning a phase three drilling program to fill the
resource of the west and east shores and will aim to further update the mineral resources as well as the ore reserve.

The company is focused on developing the Inland Strand project through a phased approach that it says reduces pre-development capital, supports re-supply
from current Tormin beaches, and expands Inland Strand processing once additional mineral rights are received to increase revenue.

The first stage involves a 1.2 million tonnes per annum (Mtpa) operation at 162 and 163 EMR and stockpiled ore where 7.9 million tonnes of ore reserves are available.

The first stage is funded by cash flow from current operations as well as current funding facilities in South Africa.

At the end of 2024, MRC will initiate the second stage which will lead mining to expand into new mining rights application areas to potentially double production to 2.4 Mtpy.

Regulatory approvals will be required to expand mining activities outside of the currently granted EMR. The first ore reserve is expected to support mining operations for more than a decade.

The MRC fell 3.85% to trade at 12.5 cents at 12:44 p.m. AEDT.

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