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Heavy Minerals Limited Embarks on Port Gregory PFS Study

3 October 2023 13:02

Heavy Minerals Limited (ASX: HVY) has announced the awarding of the Port Gregory Pre-Feasibility Study (PFS) to IHC Mining, following the successful completion of the Port Gregory Scoping Study (PGSS) and Preliminary Economic Assessment (PEA) in September 2022, signifying a significant leap forward in the development of Western Australia’s next world-class industrial garnet mine at Port Gregory.

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Figure 1: Mineral sands modular plant concept (IHC Mining)

A Legacy of Excellence

IHC Mining, an industry-leading Mineral Sands Engineering Consultancy, brings over a century of global experience in the mining sector, particularly in mineral extraction from fine sand ores. Their expertise, coupled with their contributions to Heavy Minerals’ PGSS and PEA, has positioned them as the ideal choice to conduct the Port Gregory PFS.

The Study Team for the PFS will be led by engineers who were directly involved in the earlier stages of the Project. Leveraging the knowledge gained from this experience, as well as insights from similar mineral sand projects, IHC Mining is poised to deliver a best-in-class outcome for Heavy Minerals.

Exploring Multiple Development Options

One of the most exciting aspects of the Port Gregory PFS is the exploration of multiple development options. The aim is to maximise the Net Present Value (NPV) of the Project, building upon the success of the PGSS and PEA.

Key points to note include the consideration of multiple production profiles, providing project development flexibility, and the definition of options for bagging and concentrate production, offering Heavy Minerals a spectrum of choices for the Project’s future.

Scope and Deliverables of the PFS

The Port Gregory PFS will conform to stringent industry standards such as the JORC Code 2012 Edition and the VALMIN Code 2015 Edition, with key deliverables encompassing options analysis, risk and opportunity identification, metallurgical product design criteria, 3D and 2D plant design, ±25% accurate cost estimates, a lifetime financial model, and a comprehensive report featuring recommendations for future work and the Project’s financial outlook upon completion.

Looking to the Future

The Port Gregory PFS is a crucial step toward realising Heavy Minerals’ vision of becoming a leading player in the industrial minerals sector.

With a strong focus on garnet, zircon, rutile, and ilmenite, the Company’s projects hold tremendous potential. The Port Gregory Project alone boasts a JORC (2012) Measured, Indicated, and Inferred Mineral Resource of 166 million tonnes, with an impressive 5.9 million tonnes of contained garnet.

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Figure 2: Project Locations – Port Gregory and Red Hill

Heavy Minerals also has its sights set on the Red Hill Garnet Project and the Inhambane Heavy Mineral Project in Mozambique, with these ventures demonstrating the Company’s commitment to exploration and development in the industrial minerals space.

Heavy Minerals CEO Andrew Taplin expressed excitement about the development.

“We are pleased to be awarding IHC Mining the Port Gregory PFS following the excellent work done by IHC during the Company’s Scoping Study and Preliminary Economic Assessment announced in September of last year,” he said.

“Completion of the PFS will be a significant milestone for the Company as it progresses towards the development of Western Australia’s next world class industrial garnet mine at Port Gregory.”

HVY’s Australian Stock Exchange-listed share price has risen 26.32% and is currently trading at 0.12 AUD (11.45am UTC+ 8 hours).

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