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clock Created with Sketch. 25/07/18
08:59
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Originally posted by a_t
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Perth Western Australia, 25 July 2018: Pioneer Resources Limited ("Company" or "Pioneer", ASX: PIO) is pleased to provide the following update for its 100%-held Pioneer Dome Project in the Eastern Goldfields of Western Australia, which includes the Sinclair Zone Caesium Deposit. PREPARATIONS ADVANCE FOR THE SINCLAIR CAESIUM MINE • Dept of Mines Industrial Relations and Safety approval received for: o The Mining Proposal, including Mine Plan and Mine Closure Plan; and o Project Management Plan • Preferred Mining Contractor notified and dates for the commencement of mining will now be firmed up • Commencement of infrastructure establishment and ground preparation to start during August 2018, including: construction of site access, mobilisation of site buildings, site clearing, soil stockpiles and first blast drilling • Mine Fleet mobilisation planned for September 2018 “With the receipt of the Mining Proposal and Project Management Plan approvals, the Company will complete final documentation with the State and Contractors, and work to a Commencement of Mining Operation start-date during the September quarter,” Pioneer’s Managing Director David Crook said. Pioneer Dome Project and the Sinclair Zone Caesium Deposit In early 2017 Pioneer reported the discovery of Australia’s first caesium (in the mineral ‘pollucite’) deposit, and considers the Project to be prospective for further discoveries. Pollucite is a high value caesium mineral and global supply is very constrained. It forms in extremely differentiated LCT pegmatite systems. The primarily use of pollucite is in the manufacture of Caesium Formate brine used as an additive to drilling-fluids in high temperature/high pressure oil and gas drilling. On 20 June 2018 the Company announced that it had entered into a binding Offtake and Loan Facility Agreement with Cabot Corporation for the sale and purchase of 100% of direct shipping pollucite ore (DSO) extracted from the Sinclair Caesium Mine. As a component of the Agreement, Cabot will provide funding in the form of an interest-free US$4.8 million loan to the Company to be put towards the development and mining costs of the Sinclair Caesium Mine. The Loan will be repaid by Pioneer through the delivery of DSO pollucite from the Sinclair Mine, or by cash settlement subject to certain conditions to Cabot.
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Good news as expected. I consider PIO is being overlooked by the market at the moment. Possibly worth more than double the current SP....All in MO of course.
