21st Jan 2020 11:28
(Alliance News) - Base Resources Ltd said on Tuesday that drilling at the Toliara project in Madagascar has found further "significant" high-grade mineralisation.
Base, over both 2018 and 2019, completed 29,753 metres of drilling from 770 holes at the Ranobe deposit, with assay results so far suggesting "material" discoveries of heavy minerals, particular in the lower sand unit to the west of the current Ranobe ore reserve.
The mineral resource estimate for Ranobe stands at 1.3 billion tonnes of ore at 5.1% heavy minerals and 6.4% slimes, Base said. The Ranobe ore reserve estimate is 586 million tonnes at 6.5% heavy minerals and 3.9% slimes.
The deposit is a single, continuous body around 20 kilometres long, 1.5 kilometres to 5.5 kilometres wide, and 3 to 100 metres thick.
Base said work in 2020 will include completing all of the assays for holes drilling, assessing all drilling results, and upgrading the mineral resource at Ranobe.
Shares in Base, which is headquartered in Perth in Western Australia, were untraded in London on Tuesday, last quoted at 13.00 pence each.
By George Collard; [email protected]
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