Sheffield Resources (ASX:SFX) has increased its resources and reserves to over 10 billion tonnes, across four mineral sands projects in Western and South Australia.

The company this morning pushed out an updated resource and reserve statement, outlining increases at its Dampier and Thunderbird projects, with unchanged resources at its Eneabba and McCalls projects.

The Dampier mineral resource increased to 3.36 billion tonnes at 6.8 per cent heavy mineral, while its Thunderbird ore reserve increased by 10 per cent to 748 million tonnes, as was announced in late July.

The company also released an updated bankable feasibility study (BFS) in late July, estimating a “material reduction” in project cost and execution risk, increasing zircon production and project revenue by more than 30 per cent.

That led Blue Ocean Equities to rate Sheffield as a buy, increasing its target by 35 per cent to $2.30 a share, which it has stated it may further increase to as much as $3.

“It is tremendous to be growing our mineral resource and ore reserve inventory at a time when mature deposits globally are in depletion and showing evidence of declining grade and product quality,” managing director Bruce McFadzean said.

“We have made excellent progress with our brownfields exploration at Dampier with an increase in the mineral resource by the addition of the maiden Night Train inferred mineral resource and a material increase to the world-class Thunderbird ore reserve.

“We expect our ongoing exploration efforts to continue to deliver resource growth for Sheffield in the future.”

SFX shares got a 4 per cent boost before lunch on Tuesday, to 40.5c. Overall, however, shares are down 36 per cent compared with the start of the year.

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In more ASX bulk news today:

Titanium Sands (ASX:TSL) completes due diligence. The acquisition resource report for its proposed Mannar Island project confirmed an initial high-grade resource estimate of 31.9 million tonnes at 7.5 per cent heavy mineral. If shareholder approval comes through, the project will have a combined high-grade inferred resource of 85 million tonnes at jusy shy of 7 per cent heavy mineral. Shares got a small boost to 2.5c.

Broken Hill Prospecting (ASX:BPL) completes acquisition. Broken Hill has received all title approvals covering 1,100+ hectares comprising the advanced La Paz rare earth project in Arizona. The company’s exploration team will mobilise to site in the coming week. The project is a large tonnage, bulk deposit comprising high value, light rare earth (LREE) assemblage.

Perpetual Resources (ASX:PEC) expands silica sands portfolio. The company has acquired the Eneabba North project, which is located directly to the east of VRX Silica’s (ASX:VRX) Arrowsmith Central project. An auger drilling program will soon commence to define the extent and specifications of silica sands.