Monday, February 21, 2005 MATILDA Minerals says results from its Tiwi mineral sands project off the coast of the Northern Territory are confirming it to be a "zircon province", with the company seeking to be in production by mid-year.
A feasibility study due for completion this month will provide resource and production details.
Matilda currently has three main prospects namely Andranangoo, Lethridge Bay and Puwanapi – the first two on Melville Island and the latter on Bathurst Island.
Andranangoo is presently the main target, with results from seven cross sectional composite samples showing an average 53% zircon, 31% rutile product, and 91% valuable heavy mineral.
Matilda director Bruce Maluish told MiningNews.net that the prospect was around 1.5km long, about 50m wide, and extended to a depth of some 3m.
In a release to the ASX, Matilda said zircon in one Andranangoo composite was a "remarkable" 71%, along with 20% rutile product. All the composites reportedly contained very little ilmenite (average 7%) and trash (average less than 10%).
Approvals awaited (and expected) for the mining operation to proceed comprise a mining lease and notice of intent.
Matilda has an exploration agreement with the Tiwi Land Council to take deposits on the islands through to development.
At the end of the December quarter Matilda had $3.4 million cash.
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