Murray Basin Heavy Mineral Sands Expansion Strategy Advances
Sydney, Oct 4, 2017 AEST (ABN Newswire) - Broken Hill Prospecting Ltd (
ASX:BPL) announces Murray Basin heavy mineral sands expansion strategy advances.
Highlights
- BPL is now of the largest tenement holder in the world-class Murray Basin after industry leaders Iluka Resources and Cristal Mining
- Two exploration tenements have been granted in the Murray Basin and applications submitted for four additional tenements
- Expanded footprint underpinned by extensive data compilation and prospectivity analysis
- Targets identified include multiple, shallow, mineralised strandlines comprising high-value heavy mineral assemblages
- Market confidence remains high after sustained Titanium pigment and Zircon price increases over the past 12 months
- Strong cash position of $3.3 million and no debt
BPL's Chief Executive Officer Trangie Johnston commented:
"The granting of the Euston tenure marks another substantial milestone in our Company's growth strategy. With the Murray Basin focus broadening, further applications in Victoria and South Australia would secure 4,500km2 of prospective ground. This would establish BPL as the largest tenement holder in the prolific Murray Basin."
NEW TENEMENTS GRANTED
BPL's two new tenements are EL8650 Euston North and EL8649 Euston South. They are located approximately 20km east of Mildura, NSW, and boost the company's footprint in the region to now exceed 2,500km2.
The Euston project areas host multiple strandlines, with heavy mineral sand (HMS) mineralisation persisting over several kilometres of strike. Initial exploration activities will focus on geological modelling and data validation as applied at BPL's Central Para area nearby. This would contribute to a substantial increase in the Company's mineral resource inventory, which already comprises the Jaws and Gilligans deposits.
NEW TENEMENT APPLICATIONS
Four applications have been lodged over prospective ground in Victoria and South Australia. The granting of these tenements would mark a significant expansion of interest across the broader Murray Basin.
See the link below for the tenement applications.
- South Australia
o The application area contains the Oakbank, Boxwood Dam and Johnsons Dam strandline HMS deposits which have had preliminary (non-JORC) resource estimates undertaken by previous explorers. These potential resource areas are located along strike from mineralisation in the company's NSW tenements, including the Tararra strandlines (EL8558).
- Victoria
o The applications are favourably located within close proximity to key infrastructure, and are characterised by strandline mineralisation defined by shallow drilling. Mineralisation extends over to 15km strike, with overburden varying between 5 -20m.
These applications are the result of extensive data compilation and prospectivity analysis that has equipped BPL with a unique proprietary database comprising approximately 40,000 drill holes and 1.3 million metres of drilling. The database reflects a total exploration replacement value of approximately $55 million in today's terms (drilling and assay only).
MAIDEN RESOURCE ESTIMATES
BPL recently announced (10th August 2017) maiden Mineral Resource estimates for the Jaws and Gilligans HMS deposits. Jaws and Gilligans deposits are located in south-western New South Wales approximately 50km north of Mildura and 20km east of the Silver City Highway, which links Mildura to Broken Hill.
The Inferred Mineral Resources comprise a total of 113 Mt @ 1.8% HM and 3% slimes containing 2 Mt of HM with an assemblage of 10% total ilmenite, 10% zircon, 26% rutile and 21% magnetic leucoxene and 2% non-magnetic leucoxene including: (see the link below).
To view tables and figures, please visit:
http://abnnewswire.net/lnk/174X2249
About Broken Hill Prospecting Ltd
Broken Hill Prospecting Ltd (ASX:BPL) is an Australian exploration company focussed on the discovery and development of strategic mineral resources across two primary geographical areas; the Murray Basin Region (Heavy Mineral Sands) and the Broken Hill Region (industrial, base and precious metals, including the Thackaringa Cobalt & Base/Precious Metal Project).
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