Sheffield releases Drummond target

THE BOURSE WHISPERER: Mineral sands exploration-paly Sheffield Resources has announced an Exploration Target for its recently discovered Drummond Crossing prospect, located just 20 kilometres north of Eneabba in the Mid-West region of Western Australia.

 

Eneabba regional plan showing the location of Drummond Crossing,
Sheffield’s tenure and current Mineral Resources with respect to other
deposits in the region. Source: Company announcement

The Exploration Target follows mineral assemblage testwork (QEMSCAN) carried out by Sheffield that the company said confirmed a valuable heavy mineral (VHM) assemblage comprising 14.9 per cent zircon, 10.2 per cent rutile, 4.4 per cent leucoxene and 51 per cent ilmenite.

Sheffield has outlined an Exploration Target of 35 million tonnes to 70 million tonnes at 1.5 per cent to 2.5 per cent heavy minerals (HM) for the near-surface dunal style mineralisation at Drummond Crossing.

Managing Director, Bruce McQuitty said Drummond Crossing was a significant new discovery.

“This is a terrific result,” Sheffield Resources managing director Bruce McQuitty said in the company’s announcement to the Australian Securities Exchange.

“Twenty-five per cent of the heavy mineral assemblage at Drummond Crossing consists of zircon and rutile, both of which are currently fetching record prices.

“The high value of the mineral assemblage at Drummond Crossing adds to the significance of this discovery for Sheffield.

“We will now proceed to a resource drill out in the second quarter of 2012.”

Sheffield’s Exploration Target at Drummond Crossing follows its announcements last year of Mineral Resources for the nearby Yandanooka, Ellengail and West Mine North deposits.