The Bungalally HMS Project is currently at an exploration and evaluation stage. The project is held 100% by WIM under Retention Licence (RL) 006571 (application).
WIM has completed two drilling programs and has defined a Maiden Mineral Resource Estimate, as detailed below. WIM's current understanding of the projects key characteristics are as follows:
The Bungalally HMS Project is located approximately 10km south of Horsham, in Victoria. The project area is nearby to existing infrastructure: roads, rail, gas, power, water, and several major ports.
The Bungalally deposit is hosted within the Loxton Parilla Sands, which are well known in the Murray Basin to host economic HMS deposits. The project is adjacent to the WIM 150 HMS project. Drilling over certain parts of the deposit indicate very shallow mineralisation (see generalised geological cross section below).
In conjunction with mining experts Optiro Pty Ltd, WIM has defined a Maiden Mineral Resource Estimate for the Bungalally deposit of 205mt @ 2.7% THM (JORC 2012, Inferred). Preliminary mineralogy test work indicates a positive mineral assemblage, with low overall trash HM and high zircon content of 21%.
The table below shows the 2015 Mineral Resources reported above a cut-off grade of 1.0% THM for the Bungalally Project.
Further drilling and mineralogical test work will be undertaken over the next six months.
