M a r k e t N e w s
Strandline Resources Ltd seeks new mineral sands from drilling in Tanzania
Posted on : Wednesday, 7th September 2016
Strandline Resources Ltd’s (ASX:STA) is expanding exploration and development programs at the company’s Tanzania-based mineral sands projects.
The zircon-rich Fungoni deposit in Tanzania has an indicated resource of 11 million tonnes at 3.1% Total Heavy Minerals (THM) with a valuable assemblage of 22% zircon, 4% rutile and 44% ilmenite.
The drilling campaign to extend the resources at Fungoni as part of a feasibility study has been completed, adding a potential 400 metres of strike to the previously defined mineralisation.
Strandline is now awaiting drill results to prepare a mineral resource update, bulk metallurgical testwork and optimal flowsheet design.
The samples generated from this program will also will provide high value product samples for marketing in the short term.
Strandline has also commenced a 4,000 to 5,000 metres aircore drill program at the Tanga South project, which is expected to be completed over the next 4 weeks.
The company had previously estimated an exploration target of 100 to 270 million tonnes at 3%-5% THM for this prospective 25 kilometres long zone on the Tanzanian coastline.
Additionally, an extensive 20,000 line-kilometres, high resolution survey is underway over much of Strandline’s Tanzanian land tenure, designed to significantly assist in delineating new zones of heavy mineral sands.
Following the recent placement and rights offer, Strandline is well cashed up with $4.8 million in the bank as at 31 August 2016.
Source : www.proactiveinvestors.com.au
