Outstanding Aircore Intercepts & Capital Raise Complete
Perth, Mar 17, 2023 AEST (ABN Newswire) - Corella Resources Ltd (
ASX:CR9) is pleased to announce the outstanding assay results from the Company's aircore drilling program completed at its 100% owned Tampu Project.
- Funds to progress Company's strategy of becoming a global supplier of High Purity Alumina (HPA) feedstock being a critical mineral for the lithium-Ion Battery (LIB) and LED markets
- High grade aircore intercepts at Tampu, Whitecap and Whitehills confirm outstanding purity and the potential for major resource growth at the Tampu Project
- Test pit planned for multiple bulk scale samples for a number of potential offtake partners to further advance offtake discussions
- Corella has received binding commitments to raise $1.2 million through an oversubscribed placement of shares and free attaching options
- Leading Melbourne Boutique, Peak Asset Management acted as Lead Manager to the raise
Next Steps:
- Further drill programs being designed to advance Whitecap and Whitehills towards a maiden Mineral Resource Estimate (MRE)
- CSA Global working on upgrading the existing Tampu Inferred MRE of 24.7Mt into Indicated/Measured categories
- Upgraded MRE to underpin a Scoping Study and will include options for supply into traditional and HPA markets
- With the proceeds of the Placement, Corella is well funded to accelerate feasibility and economic studies, advancing towards a mining operation at Tampu and advance Whitecap and Whitehills towards a maiden Mineral Resource Estimate (MRE)
Significant intercepts from the 2022 aircore drilling include:
Tampu Deposit
CRAC120: 16m @ 48.0% SiO2; 37.8% Al2O3; 0.23% Fe2O3; 0.24% K2O; 0.02% Na2O & 0.3% TiO2 from 4m
CRAC121: 10m @ 48.3% SiO2; 37.7% Al2O3;0.26% Fe2O3; 0.21% K2O; 0.00% Na2O & 0.3% TiO2 from 4m
CRAC124: 8m @ 48.5% SiO2; 37.3% Al2O3; 0.33% Fe2O3; 0.19% K2O; 0.00% Na2O & 0.4% TiO2 from 2m
CRAC122: 9m @ 47.7% SiO2; 37.9% Al2O3; 0.34% Fe2O3; 0.20% K2O; 0.01% Na2O & 0.3% TiO2 from 4m
CRAC126: 5m @ 48.4% SiO2; 37.2% Al2O3; 0.37% Fe2O3; 0.25% K2O; 0.02% Na2O & 0.4% TiO2 from 6m
CRAC127: 4m @ 48.7% SiO2; 37.0% Al2O3; 0.38% Fe2O3; 0.29% K2O; 0.02% Na2O & 0.5% TiO2 from 3m
CRAC118: 12m @ 47.9% SiO2; 37.8% Al2O3; 0.40% Fe2O3; 0.15% K2O; 0.02% Na2O & 0.2% TiO2 from 7m
CRAC117: 10m @ 50.4% SiO2; 35.9% Al2O3; 0.48% Fe2O3; 0.23% K2O; 0.02% Na2O & 0.3% TiO2 from 7m
Whitecap Prospect
CRAC130: 8m @ 47.4% SiO2; 38.1% Al2O3; 0.38% Fe2O3; 0.28% K2O; 0.01% Na2O & 0.3% TiO2 from 7m
CRAC131: 6m @ 50.0% SiO2; 36.7% Al2O3; 0.58% Fe2O3; 0.27% K2O; 0.02% Na2O & 0.5% TiO2 from 9m
Whitehills Prospect
CRAC134: 7m @ 49.7% SiO2; 35,6% Al2O3; 0.83% Fe2O3; 0.82% K2O; 0.05% a2O & 0.4% TiO2 from 14m
Corella Resources Managing Director, Tony Cormack, commented "These outstanding aircore drill intercepts from our discovery holes into our Whitecap and Whitehills prospects are exactly what we were aiming to achieve. The results demonstrate our strong understanding of the geology and mineralisation and our ability to add further high purity tonnes to our resource base from other prospects across the broader Tampu Project area."
"The Whitecap prospect is an especially important discovery given its location just 5km from the Tampu Mining Hub and the potential to add significant volumes of high purity feedstock for HPA production. Results confirm Whitecaps outstanding quality with hole CRAC130 boasting a stunning vertical 8m downhole intercept commencing at 7m depth hosting an average head grade of 38.1% Al2O3, extremely low iron of 0.38% Fe2O3 and an all-time project high yield of 70.4%, making it an ideal specification for potential HPA feedstock."
"We have once again engaged CSA Global to complete the Resource upgrade for the existing Tampu Deposit which will feed directly into a Scoping Study. The Scoping Study will focus on supply into the HPA market, given Tampu's superior purity compared to its competitors and its suitability as feedstock for high end specification HPA."
"Tampu is Australia's largest deposit of high purity kaolin, and these exploration results confirm the potential for future expansion of the current resource base of 24.7Mt at Tampu. Following these outstanding results, further resource definition core drilling is currently being planned at both the Whitecap and Whitehills prospects targeting maiden Mineral Resource Estimates for both locations."
During October 2022 Corella completed 21 aircore drillholes for a total of 381m consisting of 14 Resource Definition drillholes and 7 Exploration drillholes1. All 21 aircore drill hole samples were analysed by Bureau Veritas in Canningvale, WA. Aircore drilling confirmed a consistent broad zone of bright white kaolin to be shallow (see Figure 2, 3 & 4*) and completely above the water table.
*To view full details, tables and figures, please visit:
https://abnnewswire.net/lnk/QNITY533
About Corella Resources Ltd
Corella Resources is an Australian exploration company listed on the Australian Securities Exchange (ASX:CR9). Corella Resources is focussed on exploration and development of their 100% owned Tampu, Wiltshire and Kalannie kaolin projects along with the 100% owned Bonnie Rock silica project. All 4 projects are located in the mid-west of Western Australia.
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