Pinnacle’s pumped for heavy mineral potential at new Capel tenement
Pinnacle Minerals says a desktop study by IHC Mining has highlighted the potential for both Heavy Mineral Sands (HMS) and silica sand mineralisation at its newly granted capel tenement E70/6372.
The ground was previously held by Tronox (NYSE:TROX), a global, vertically integrated producer of titanium dioxide and inorganic chemicals, with a US$2bn market capitalisation.
Previous, regional-scale exploration, conducted in 2010 by Iluka discovered moderate grade HM from surface on several drill lines, including:
The company believes there is the potential for Iluka Resources’ (ASX:ILU) Capel South mineral resource to extend onto the company’s project area.
The Iluka Capel South mineral resource holds a measured resource of 14.4MT at 8.8% HM, and Pinnacle Minerals’ (ASX:PIM) MD Nic Matich says it could extend into the company’s tenure.
“Pinnacle has acted and continues to act nimbly to expand its prospective project portfolio at minimal cost,” Nic said.
“The study conducted by IHC Mining highlighting the silica sands potential and for a possible extension to the Capel South mineral resource reaffirms our strategy.
“Whilst we are still focussed on developing our kaolin projects, Pinnacle continues to evaluate complementary projects with which to add value to the company.”
The plan is to define cohesive mineralisation at a more local scale, sufficient for the delineation of an appreciable mineral resource, within the recently granted tenement.
Pinnacle will conduct a two-phase exploration program pending successful land access negotiations, which is expected to include a shallow hand auger program to test the Silica Sand potential.
The company will also conduct a ‘deeper’ reverse circulation air core program to test previously identified (Iluka) HM mineralisation.
This article was developed in collaboration with Pinnacle Minerals (ASX:PIM), a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.