April 26, 2012 (Source: Metallica Minerals) — AN INFERRED MINERAL RESOURCE OF 1.7 BILLION TONNES @ 2.2% TOTAL HEAVY MINERAL (THM) AT A CUT-OFF OF 1% THM, CONTAINING 38 MILLION TONNES (MT) OF HEAVY MINERAL (HM) REPORTED IN ACCORDANCE WITH THE JORC CODE FOR THE GLENALADALE STOCKDALE DEPOSIT
WITHIN THIS INFERRED MINERAL RESOURCE AN AREA WITH CLOSER SPACED DRILLING HAS HAD THE PERCENTAGE OF ASSEMBLAGE MINERALS (CONTAINED WITHIN THE THM) ESTIMATED. THIS INFERRED RESOURCE IS 360 MT @ 2.7% THM CONTAINING 15% ZIRCON, 4% RUTILE AND 50% COMBINED TITANIUM MINERALS AT A CUT-OFF GRADE OF 1% THM REPORTED IN ACCORDANCE WITH THE JORC CODE
THE MINERAL RESOURCE CONFIRMS GIPPSLAND IS A SUBSTANTIAL ZIRCON-RUTILE RESOURCE PROJECT WITH ADDITIONAL EXPLORATION POTENTIAL
COMMISSIONED HMS SPECIALIST COMPANY R.J. ROBBINS TOCOMMENCE SCOPING STUDY ON GLENALADALE-STOCKDALE
Australian resource development company, Metallica Minerals Limited (ASX: MLM), is delighted to announce a maiden Mineral Resource reported in accordance to the JORC CODE of 1.7 billion tonnes (Bt) @ 2.2%THM for 38 Mt of contained HM (using a 1.0% THM cut-off grade), within the Gippsland Zircon-Rutile HMS project, located in south-east Victoria. (see Table 1 below).
An Inferred HMS assemblage Mineral Resource for an area of closer spaced drilling has also been completed and reported in accordance with the JORC Code with results showing a significant zircon component, the most valuable of the HMS assemblage (see Table 2 below). At this stage, there is insufficient data to determine the HMS assemblage minerals for the remaining component of the Mineral Resource.