WIM150 Project

THE WIM150 MINERAL SANDS PROJECT

 

Corporate

The WIM150 Project is a Joint Venture between Orient Zirconic Pty Ltd and Million Up Ltd, a Hong Kong based investment fund.  Murray Zircon Pty Ltd has been appointed to manage the project on behalf of the Joint Venture.  Murray Zircon assumed management of the WIM150 project in July 2016.

 

Project Overview

The WIM150 Project is a proposed mineral sands mine and associated processing facility, located in the Wimmera region of western Victoria, approximately 20 km south-east of Horsham and 280 km north-west of Melbourne.

 

Extensive technical and environmental studies including a Bankable Feasibility Study and subsequent Optimisation Studies have been carried out on the WIM150 Project by previous owners. These studies have covered the resource available for mining, techniques for mining, processing options, product markets and environmental impacts of the project.

 

Due to the recent change of ownership, a strategic review of all historic work is being undertaken.  This review may result in changes to the proposed project, and will take into consideration not only all technical and economic information available, but will also consider results of environmental studies, and stakeholder engagement undertaken to date.

 

Environment Effects Statement

The EES process has been placed temporarily on hold, until the strategic review has been completed.  Murray Zircon will continue to liaise with all stakeholders including the local community and regulators during the strategic review process.

 

WIM150 – Mineral Resources and Ore Reserves

The current resource model estimates a JORC-compliant Mineral Resource of 1,650 Mt at 3.7% total heavy minerals in the 20 μm to 75 μm size fraction and with a 1% THM (total heavy mineral) cut off. The Mineral Resource lies within tenement boundaries, and excludes areas with restricted access around selected water bodies and the Western Highway. WIM150’s Mineral Resources are tabulated below.

Mineral Resource

This information that relates to Mineral Resources, is a summary table of the WIM150 Resource Statement issued to the ASX on 18 June 2013. There has been no subsequent change to this Mineral Resource Statement. The information included in the mineral resource statement is based upon information compiled by Mrs Christine Standing, who is a Member of the Australasian Institute of Mining and Metallurgy, and a member of the Australian Institute of Geoscientists. Mrs Standing is an employee of Optiro Pty Ltd and has sufficient experience in the style of mineralisation and type of deposit under consideration to the activity which she is undertaking to qualify as a Competent Person as defined in the 2012 edition of the Australasian code of Reporting of exploration results, Mineral Resources and Ore Reserves.

 

The majority of the data reported has been developed by three companies over a period of 30 years. This includes drilling, bulk sampling, geotechnical, hydrological and metallurgical data; exploration program results; mineral resource estimates and assessments; mining and processing studies; and a number of geotechnical and hydrogeological studies.

 

 

Measured and Indicated Mineral Resources were converted to Proved and Probable Ore Reserves, subject to mine designs, physical modifying factors, and an economic evaluation. Material excised from the Mineral Resource model to generate the Ore Reserve model includes stand-offs from roads, including the Western Highway and Northern Grampians Road, gas pipeline, water mains, and power line corridor. The Mineral Resource model was clipped to the project footprint. The Ore Reserve has been calculated at a variable cut-off grade. Notes accompanying the Ore Reserves statement are as follows:

Ore Reserves
Ore Reserves are based upon a variable cut-off grade calculated by assessing the revenue of each block.

Ore Reserves are based on a state royalty of 2.75%.

Mineral Resources have been reported inclusive of Ore Reserves.

Total Heavy Minerals is assessed on the +20 µm –75 µm size fraction.

Total Heavy Minerals grade is reported as a percentage of in situ ore.

The HM assemblage grades (zircon, ilmenite, and so on) are reported as a percentage of Total Heavy Minerals contained in the ore.

Tonnes are reported to four significant figures and grades to two significant figures. Discrepancies in summations are due to rounding.

 

The Ore Reserve statement was compiled in accordance with the guidelines of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC 2012).

 

The Ore Reserves statement was compiled by Andrew Law of Optiro, Fellow of The Australasian Institute of Mining and Metallurgy. Mr Law has sufficient experience in Ore Reserve estimation relevant to the style of mineralisation and type of deposit under consideration to qualify as a Competent Person as defined in the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC 2012). The information above that relates to Ore Reserves is a summary of the table and information released to the ASX on 26 July 2013 entitled ‘Ore Reserve Statement’. There has been no subsequent change to this Ore Reserve Statement.