THE BOURSE WHISPERER: Ram Resources has completed the estimation of a JORC-compliant maiden Inferred Mineral Resource for the Aries prospect.
Aries is the most advanced target within the company’s Motzfeldt project, located in south Greenland.
Location map showing Ram Resources licence holdings and the main exploration targets. Source: Company announcement
“This Resource statement is a major milestone for RAM, which has proved significant mineralisation at Aries,” Ram Resources executive director James Lumley said in the company’s announcement to the Australian Securities Exchange.
“The Aries project has the potential to become a notable Zirconium project in the world market, with contributions from Tantalum, Niobium and Rare Earth Elements.”
The total Inferred Mineral Resource at Aries has come in at 340 million tonnes at 120 parts per million tantalum oxisde,1,850 parts per million niobium oxide, 4,600 parts per million zirconium oxide and 2,600 parts per million total rare earth oxides (TREO).
The project now has a contained metal inventory of 1.6 million tonnes zirconium oxide, 884,000 tonnes TREO, 629,000 tonnes niobium oxide, and 41,000 tonnes tantalum oxide.
Ram said potential remained to increase the Aries resource, particularly to the south.
The company said it had been encouraged by the zirconium oxide results in particular as it believes zirconium may well become the mineral that drives the project forward.
Having said that, Ram also suggested any of the other Aries mineral products could contribute to the economics of the project, and diversify the commodity risk.
The company’s current intentions for the Motzfeldt project are:
– Extension of a drilling program along the strike and at depth to add to the Aries project resources;
– Mineralogical and metallurgical studies to more clearly define process routes and net revenue potential;
– A drilling program to better understand geometry of higher grade features to upgrade resource classification throughout; and
– Gridded sampling over the other prospective targets in the Motzfeldt licence.
Now that Ram has succeeded in estimating an Inferred Resource of in excess of 100Mt it is obligated to issue one million shares to Quayside Services under the terms of the Share Sale and Purchase Agreement (SSPA) for Greenland Resources.