Sheffield Resources (ASX:SFX) continues to surprise the market with its infill drill results. The drill bit returned excellent intercepts such as 18 meters of 21.3% Heavy Minerals as well as 25.5 meters of 16.5% Heavy Minerals. This is excellent because as you might remember, the average grade of the 3.2 billion tonne resource estimate is ‘just’ 6.8% HM and even the high-grade zone which contains in excess of 1 billion tonnes has an average grade of 11.8% Heavy Minerals.
The heavy mineral prices are still in a bit of a slump but once those markets recover, Sheffield Resources might become an extremely attractive play due to its high-grade nature and the fact the project is located in a geopolitically safe region. Unfortunately the Pre-Feasibility Study won’t incorporate these results yet but Sheffield expects to add these infill drill results in the mine plan for an updated PFS, expected in the third quarter of this year.
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Disclosure: The author holds a long position in Sheffield Resources. Please see our disclaimer for current positions.
