Hello. PTR have issued the exploration target in the diagram below. I guess i could be larger based on the size of the (orange) "sands" area but obviously the current exploration target represents the area of the current drill program.
If we take the mid-target, it is 307Mt at 6.5% titanium. Anatase is also at titanium.
If we just focus on the rutile & pseudorutile, this makes the grade 6.2%.
Of that 6.2%, 23% (21% divided by 90%) or 1.45% grade will be rutile.
The remaining would be 4.75% grade pseudorutile.
If the pseudorutile is worth 1/3 of the rutile, the overall grade would be 3.03% rutile equivalent.
Less say graphite is worth 2/3 of rutile. This brings the SVM deposit to 1.9% to 2.0% rutile equivalent.
Therefore, for PTR, 307Mt at 3.03% rutile equivalent is equal to 460Mt at 2% rutile equivalent.
Note: SVM are planning a 21Mtpa operation. SFX planned a 10Mt operation.
(20min delay)