Corella Resources Ltd (ASX:CR9) has received “outstanding” assay results from an Air Core drilling programme completed at its wholly-owned Tampu Kaolin Project in Western Australia and raised new funds to support future exploration work.
Highlights
Funds to progress company’s strategy of becoming a global supplier of High Purity Alumina (HPA) feedstock being a critical mineral for the lithium-Ion Battery (LIB) and LED markets
• High grade Air Core intercepts at Tampu, Whitecap and Whitehills confirm outstanding purity and the potential for major resource growth at the Tampu Project
• Test pit planned for multiple bulk scale samples for a number of potential offtake partners to further advance offtake discussions
• Corella has received binding commitments to raise A$1.2M through an oversubscribed placement of shares and free attaching options
• Leading Melbourne Boutique, Peak Asset Management acted as Lead Manager to the raise.
“These outstanding Air Core drill intercepts from our discovery holes into our Whitecap and Whitehills prospects are exactly what we were aiming to achieve. The results demonstrate our strong understanding of the geology and mineralization and our ability to add further high purity tonnes to our resource base from other prospects across the broader Tampu Project area,” Managing Director, Tony Cormack, said.
“The Whitecap prospect is an especially important discovery given its location just 5km from the Tampu Mining Hub and the potential to add significant volumes of high purity feedstock for HPA production.
“Results confirm Whitecaps outstanding quality with hole CRAC130 boasting a stunning vertical 8.0m downhole intercept commencing at 7.0m depth hosting an average head grade of 38.1% Al2O3, extremely low iron of 0.38% Fe2O3 and an all-time project high yield of 70.4%, making it an ideal specification for potential HPA feedstock.
“We have once again engaged CSA Global to complete the Resource upgrade for the existing Tampu Deposit which will feed directly into a Scoping Study. The Scoping Study will focus on supply into the HPA market, given Tampu’s superior purity compared to its competitors and its suitability as feedstock for high end specification HPA.
“Tampu is Australia’s largest deposit of high purity kaolin, and these exploration results confirm the potential for future expansion of the current resource base of 24.7Mt at Tampu. Following these outstanding results, further resource definition core drilling is currently being planned at both the Whitecap and Whitehills prospects targeting maiden Mineral Resource Estimates for both locations.”
Next Steps:
• Further drill programmes being designed to advance Whitecap and Whitehills towards a maiden Mineral Resource Estimate (MRE)
• CSA Global working on upgrading the existing Tampu Inferred MRE of 24.7Mt into Indicated/Measured categories
• Upgraded MRE to underpin a Scoping Study and will include options for supply into traditional and HPA markets
With the proceeds of the Placement, Corella is well funded to accelerate feasibility and economic studies, advancing towards a mining operation at Tampu and advance Whitecap and Whitehills towards a maiden Mineral Resource Estimate (MRE).
For further information please visit: https://www.corellaresources.com.au/
