Astro Resources’ subsidiary Governor Broome Sands has acquired Retention Licence R70/22 in Western Australia from Cable Sands for A$150,000 ($103.14m).
Also known as ‘Fouracres’, the deposit is said to be a significant addition to the company’s existing mineral resources inventory at the Governor Broome project.
The project is located 135km south of the Port of Bunbury.
Fouracres is located immediately along strike to the south-east of Astro’s Jack Track heavy mineral deposit within Governor Broome.
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The Jack Track deposit is said to contain high-value heavy mineral assemblage of around 66.5% primary ilmenite (58% of titanium dioxide (TiO₂), 14.5% secondary ilmenite (including 8.5% leucoxene), 4.5% rutile, 10.5% zircon and 0.8% monazite – for an overall 96.5% valuable heavy mineral (VHM) content.
The titanium minerals have an average composition of 63% of TiO₂. The Fouracres deposit has an indicated resource with a very high grade of 11.4% of heavy minerals.
The mineral assemblage at Fouracres is considered to be of high value, comprising 75% ilmenite, 3% secondary ilmenite, 4% leucoxene/rutile and 8% zircon for a 90% VHM content. The ilmenite is said to have 60% content of TiO₂.
Astro Resources executive chairman Tony Leibowitz said: “The acquisition of the Fouracres property is a further strategic step in advancing the Governor Broome Project and crystallising value for our shareholders. The acquisition adds nearly one million tonnes of high-grade resources, which contain high-value titanium minerals and zircon.
“This strategic acquisition adds significant value to the project, building critical mass and enhancing the high-grade resource base that will be included in the scoping study due for delivery early next year.”
The transaction price also includes a 1% gross royalty on all future products being mined from the Fouracres deposit.