Mineral Sands
Iluka Resources Joint Venture
IER has signed a farm-in agreement with Iluka Resources (ASX: ILU) in relation to the mineral sands over EL 4416. EL 4416 is believed to have similar geology to the Murray Basin of Victoria, where Iluka is currently mining mineral sands.
Drilling Program
Iluka has drilled a total of 68 holes, at a depth of 60-70m for a total of around 5,000m. Iluka is now analysing the drill samples with a view of narrowing the exploration drilling targets for further drilling during the final quarter of 2011. Click on the image to the right to see the EL 4416 Joint Venture Area.
Nearby Activity
Metallica Minerals Limited (ASX: MLM) entered into a Right to Explore and Option Purchase Agreement with Rio Tinto (ASX: RIO) for 9 granted exploration licences that lie immediately north of IER's exploration licences, EL 4416 and ELA 4968. The agreement is for a 12-month option period (commencing August 2011), during which MLM has the right to purchase the licences for A$8,000,000.
Exploration to date, including 12,698m of reverse circulation and air core drilling, and bulk sampling, has identified two significant heavy mineral sands ('HMS') deposits. Based on this exploration, MLM has estimated two exploration targets, which are outlined in the tables below.
MLM Exploration Target
| Deposit | Exploration Target | Heavy Mineral Sands |
|---|---|---|
| Stockdale | 500-800 million tonnes | 3.0%-4.0% |
| Mossiface | 25-35 million tonnes | 2.5%-3.0% |
MLM Exploration Target - HMS Breakdown
| Deposit | Zircon | Rutile | Titanium Minerals |
|---|---|---|---|
| Stockdale | 14%-18% | 5%-7% | 35%-55% |
| Mossiface | 25%-30% | 8%-10% | 36%-44% |