Diatreme Resources Limited (ASX:DRX) today announced a 50% increase in the resource estimate for its heavy mineral sands Cyclone Deposit in Western Australia, boosting the potential for a new world-class zircon province in the Eucla Basin.
Rich in lucrative minerals such as zircon - used in ceramics, TV screens and fuel cells - the deposit compares with the Jacinth-Ambrosia project in the South Australian side of the basin, and could represent a source of new long-term supply for the Western Australian mineral sands industry.
Diatreme’s Executive Chairman, Tony Fawdon, said following an extensive drilling program, the company had increased the size of the 100% owned Cyclone Deposit to 98.4 million tonnes at 2.88% heavy minerals (1% HM cut-off grade), containing 2.8Mt HM. The new resource is classified as Measured (11.5Mt at 3.44% HM), Indicated (84.4Mt at 2.82% HM) and only a minor amount of Inferred (2.5Mt at 2.38% HM). (Refer Table 1).
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