Sheffield Resources (ASX:SFX) has announced it has found some high-grade extensions on its Thunderbird mineral sands project in Western Australia. There are some very nice extensions up-dip such 30 meters containing 8.56% heavy minerals and another 30 meters of 7.77% heavy minerals, both starting at surface. The drill results down-dip are also great with long intercepts such as 58.5 meters at 8.33% heavy minerals and almost 50 meters at almost 10% heavy minerals. We are particularly impressed with the up-dip drill results as these indicate the existence of a thick and high-grade mineralized system which isn’t part of the current resource estimate at all.
This zone doesn’t only have the possibility to increase the resource estimate, it could also be a possibility for a near-surface starter pit which would reduce the initial capital expenses and operating expenses. The pre-feasibility study remains on track to be completed in Q1 2015, and we expect this study to confirm the outstanding economics as outlined in the PEA. Sheffield Resources seems to be sitting on a very interesting mineral sands project, in a much safer region than any of the African mineral sands plays.
> Click here to go to the press release
Disclosure: The author holds no position in Sheffield Resources but could initiate one. Please see our disclaimer for current positions.
