Sheffield Resources Releases Thunderbird Reserve Update

THE DRILL SERGEANT: Sheffield Resources (ASX: SFX) released an updated Ore Reserve for the company’s Thunderbird mineral sands project, located near Derby in northern Western Australia.

Sheffield Resources said the Ore Reserve forms the basis for the current Bankable Feasibility Study (BFS) due for release by the end of this month.

The Thunderbird Ore Reserve has been updated to 680.5 million tonnes at 11.3 per cent heavy mineral (HM).

Of particular note the amount of material in the highest confidence Proved category, in this updated Ore Reserve has doubled from 115.1 million tonnes to 235.8 million tonnes, with only minor changes to HM and in-situ Valuable HM grades.

“In terms of confidence, grade and tonnage, this Ore Reserve ranks amongst the top tier of mineral sands ore reserves in the world, including those associated with operating mines,” Sheffield Resources managing director Bruce McFadzean said in the company’s announcement to the Australian Securities Exchange.

“The fact the project is located in one of the world’s best mining jurisdictions, with proximity to quality infrastructure, further enhances Thunderbird as a world class asset.

“In the early stages of any mine development you need certainty and confidence.

“With 97 per cent of the first 10 years of production, and more than one-third of the new Ore Reserve in the highest Proved category, this Ore Reserve delivers that confidence.

“Final touches are being made to the BFS which will be released on schedule by the end of this month.”

Email: info@sheffieldresources.com.au

Website: www.sheffieldresources.com.au