Sheffield Resources (ASX:SFX), which seems to own one of the largest heavy mineral sands projects in the world has released some more updates on its Thunderbird project. The total resource estimate now contains 3.24 billion tonnes of ore containing 0.57% zircon and 1.9% ilmenite. More importantly, there’s a higher grade measured resource of 110 million tonnes at 1.09% zircon and 4% ilmenite with an additional indicated resource of 850 million tonnes at 0.9% zircon and 3.3% ilmenite.
The measured and indicated resources contain 8.8M tonnes zircon and 32 million tonnes of ilmenite for an in situ value of approximately $11B (excluding by-products). There’s one problem though. The higher grade resource is located at a depth of 70-100 meters and whilst this isn’t a deal breaker, it’s much easier and cheaper to start mining Thunderbird from the surface where the lower grade zone starts.
Meanwhile, the company has also discovered yet another zone of heavy mineral sands. The new Night Train deposit is located just a few kilometers away from the proposed haul road for Thunderbird and confirmes Sheffield is sitting on a mineral sands district rather than just the Thunderbird project.
> Click here to go to Sheffield’s website
Disclosure: The author holds no position in Sheffield Resources. Please see our disclaimer for current positions.
