Mineral Sands
Heavy Mineral Sands Resources
No heavy mineral sands ('HMS') resources have been defined over IER's tenements, EL 4416 and ELA 4968, but Metallica Minerals Limited (ASX: MLM) has defined two HMS exploration targets over 9 granted exploration licences that lie immediately north of IER's exploration licences (see tables below).
Beach Heavy Mineral Sands
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% |
Metallica Minerals has entered into a Right to Explore and Option Purchase Agreement with Rio Tinto (ASX: RIO) for the 9 granted exploration licences that cover these two exploration targets. 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.