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Corella Resources Fund Global Ambition

17 March 2023 14:29

Corella Resources is one step closer to becoming a global supplier of High Purity Alumina (HPA) feedstock for the rapidly growing lithium-ion battery and LED markets with a 1.2 million-dollar placement funding advancement towards mining operations and resource growth at its flagship Tampu Project.

With cash in hand, the Company is now eying a Mineral Resources Estimate upgrade for Tampu, with recent high-grade intercepts from an extensive drill program across the Project further confirming its outstanding purity and indicating that Australia’s largest kaolin deposit still has room to grow.

Resource definition drilling at the Project’s namesake Tampu Deposit once again showed outstanding purity of its kaolin, delivering high aluminium oxide assays (up to 37.9 per cent) while retaining low iron impurities of below 0.5 per cent Fe2O3, giving the Company cause to upgrade the deposits existing MRE of 24.7Mt of kaolin from inferred to indicated.

The upgraded MRE will also be followed by a scoping study that will focus on supply for traditional markets alongside a focus on HPA.

The consistently low iron impurities of Tampu’s kaolin bodes well for its ability to produce HPA of a purity suitable for high-end technology such as the lithium-ion batteries used in the growing EV market, with the Company having already received exceptional HPA results from bulk scale composite 2021 air-core samples which achieved 99.99957% Al2O3 (5N+) purity.

And with such outstanding results, Corella is already giving thought to off-take for Tampu, with it now fast-tracking a test pit at the deposit to prepare bulk sale samples for a number of potential off-take partners in order to advance discussions.

Alongside the drilling at the main Tampu Resource, discovery holes at the neighbouring Whitecap and Whitehills prospects intercepted thick, broad zones of bright white, high-purity kaolin at shallow depths with a maiden resource definition drill program planned for the prospects to incorporate it into the projects updated MRE.

The Company said that discoveries at Whitecap and Whitehill demonstrate its understanding of Tampu’s geology and mineralisation and its ability to add further high-purity tonnes to our resource base from other prospects across the broader Tampu Project area.

“These exploration results confirm the potential for future expansion of the current resource base of 24.7Mt at Tampu. Following these outstanding results, further resource definition core drilling is currently being planned at both the Whitecap and Whitehills prospects targeting maiden Mineral Resource Estimates for both locations,” Managing Director Tony Cormack said.

“We have once again engaged CSA Global to complete the resource upgrade for the existing Tampu Deposit which will feed directly into a scoping study. The scoping study will focus on supply into the HPA market, given Tampu’s superior purity compared to its competitors and its suitability as feedstock for high-end specification HPA.”

Corella has now contracted CSA global to work on upgrading Tampu’s existing MRE to the indicated/measured categories while it prepares further drill programs to advance Whitecap and Whitehill towards a Maiden MRE.

C29’s Australian Stock Exchange-listed share price has risen 2.94 per cent today, currently selling at 3.5c (11.30 am UTC+ 8 hours).

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