Pinnacle Minerals Ltd. announced that the Capel Project tenement E70/6372 has been granted (28/02/2023), with a desktop study by IHC Mining highlighting the potential for both Heavy Mineral Sands (HMS) and Silica Sand mineralisation . Of particular interest is the potential for Iluka Resources Capel South Mineral Resource to extend onto Pinnacles project area. The ground was previously held by Tronox Limited, a global, vertically integrated producer of titanium dioxide and inorganic chemicals, with a USD 2 billion market capitalisation.

Previous, regional-scale exploration, conducted in 2010 by Iluka Resources limited, discovered moderate grade HM from surface . on a number of drill lines. PIM believes there is potential for defining cohesive mineralisation at a more local scale, sufficient for the delineation of an appreciable mineral resource, within the recently granted tenement.

Pinnacle plans to conduct a two-phase exploration program pending successful land access negotiations, which is expected to include a shallow hand auger program to test the Silica Sand potential and a "deeper" reverse circulation air core program to test previously identified (Iluka) HM mineralisation. The granting of E70/6372 furthers the Company's strategy of diversifying its asset base and applying for complementary projects outside of the core kaolin projects.