27th Nov 2019 15:24
(Alliance News) - Base Resources Ltd said Wednesday the maiden reserves estimate for its Madagascan Ranobe ore project suggested 38 million tonnes of heavy minerals in place.
Ranobe - which is the foundation of its wholly-owned Toliara project in the country - returned a reserve estimate of 586 million tonnes of ore at an average heavy mineral grade of 6.5%. This implies in situ heavy minerals of around 38 million tonnes.
Heavy minerals include quartz and feldspar.
Of this 586 million tonnes of estimated reserves, 347 million tonnes are proved and 239 million tonnes probable.
The reserve estimates "underpin" an estimated 33 year mine life. This is in line with the pre-feasibility study completed in March for the Toliara project. A definitive feasibility study is due to complete in December.
Shares in Base Resources were 7.7% higher at 12.65 pence in London on Wednesday.
By Ahren Lester; [email protected]
Copyright 2019 Alliance News Limited. All Rights Reserved.
Related Shares:
Base Resources