Ann: Major High-Grade Titanium find at CODA North, page-61

Here is what we know from Resouro:

"Mineralization at the Tiros project is due to a lateritic process enriching epiclastic rocks and theerosion products of volcanic rocks enriched in titanium and rare earth elements. REE and titaniummineralization are hosted in sandstones and conglomerates of the Capacete Formation,belonging to the Mata da Corda Group. Titanium is mainly associated with the mineral anatase,originated from the alteration of perovskite. REE are suspected to be also associated with theperovskite. This mineral with formula CaTiO3, was affected by weathering close to surface. Thecalcium ion was put into solution by meteoric waters, leaving the anatase crystals with manyvoids. This allowed the migration of the REE to nearby clays where they were captured throughweak bonds."

"The Mata da Corda Group is represented in the area by epiclastic rocks (sandstone andconglomerate) of the Capacete Formation (Figure 7-3). The sandstone is friable, magnetic, composedof quartz, fragments of volcanic rocks and heavy minerals, such as magnetite and ilmenite, withmedium to coarse sand grain size, with flat-parallel stratification marked by granulometric andcompositional variation, presenting strata richer in quartz and others richer in fragments of volcanicrock and heavy minerals.

The conglomerate (Figure 7-4) is friable, magnetic, composed of a quartz matrix, fragments ofvolcanic rock and heavy minerals, such as magnetite and ilmenite, in medium to coarse sand grainsize, and with clasts predominantly of volcanic rock of grain size up to boulders, with plane-parallelstratification marked by granulometric and compositional variation, presenting strata richer in quartzand others richer in fragments of volcanic rock and heavy minerals. Figure 7-4: Conglomerate hand sample from the Capacete Formation. The changes in the epiclastic formations of the Capacete Formation result in a saprolite (Figure 7-5)with a reddish to purplish colour, magnetic, clayey, with a mottled appearance, with disseminatedkaolinite, possibly from the alteration of the volcanic fragments. Saprolite samples show low levels ofP2O5, but high concentrations of TiO2 and REE. "

We also know Iluka did some met work on the Resouro resource through a JV which included QEMSCAN, MLA, SEM, BSE and XRD.

Iluka walked away in 2017.

To my knowledge the Enova deposit is in the same area/geology/formation as the Resouro resource, so I can't see why what applies there wouldn't apply here.

Each to their own but DYOR, why did Iluka walk away with such amazing grades?