Heavy Minerals kicks off 2022 program to finalise garnet resource definition
Heavy Minerals expects to report a maiden mineral resource estimate this quarter for its Port Gregory garnet project.
Heavy Minerals (ASX: HVY) has resumed drilling at its Western Australia garnet project with its 2022 program aimed at resource definition and extensional drilling.
The Port Gregory garnet project is north of Geraldton, within the Northampton shire, and covers 181sq km and contains an exploration target of between 170 million tonnes and 250Mt grading 3.8-4.6% total heavy minerals.
The contained garnet target is approximately 4Mt.
Specialist mineral sands driller, Bostech Drilling, had its rig on site last Friday.
Supply-demand gap widening over rest of decade
This year is expected to see the start of an expanding supply shortage of industrial garnet without new mines coming online.
A global 540,000t annual deficit is forecast for 2030 in the absence of extra production.
Heavy Minerals is expecting to report a maiden mineral resource estimate in the current quarter.
Last month the company was granted another tenement, E70/5934, which it says solidifies Heavy Minerals as the largest tenure holder targeting garnet mineralisation in the Port Gregory region.
Maiden resource estimate due in March
The new program will follow up 2021 drilling that saw a total of 100 holes completed for a total for 3,094m.
Assays from that program are expected late this month.
Heavy Minerals chief executive officer Nic Matich says the 2022 program will allow systematic exploration on the tenure and deliver maximum value for shareholders.
“The first quarter of 2022 is shaping up to be a transformational one for Heavy Minerals, with a significant number of assay results to be released to the market,” he added.
This will be coupled with the release of the maiden resource, which is scheduled for March, following assay and assemblage results in February.
The project is in the established mineralogical terrain of the Hutt River Garnet area in the mid-west coastal region of Western Australia.
It is less than 60km north of Geraldton.
The project borders the privately owned, Perth-based GMA Garnet’s active Port Gregory garnet mine, which supplies 30% of the world’s industrial garnet.