The Bungalally HMS project is an early stage exploration project, located approximately 10km south of Horsham. Over the past 12 months WIM has completed two drilling programs & has defined a Maiden Mineral Resource Estimate, as detailed below. WIM's current understanding of the projects key characteristics are as follows:
The Bungalally project is located approximately 10km south of Horsham, in Victoria. The project area is nearby to existing, roads, rail, gas, power & water.
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 - 205mt @ 2.7% THM (JORC 2012, Inferred). Preliminary mineralogy test work indicates a positive mineral assemblage, with low overall trash HM & high Zircon content of 21%.
Table below shows the 2015 Mineral Resources reported above a cut-off grade of 1.0% THM, for the Bungalally Project.
Further drilling & mineralogical test work will be undertaken over the next 6 months.
