Sheffield Resources Limited Announces an Update to the Ore Reserve for the Thunderbird Mineral Sands Project
strategy and geotechnical information and mining cost data gathered from the trial mining programs at Thunderbird. The majority of the cost estimates applied to determine the Ore Reserve have been informed by negotiated agreements or cost estimates prepared by independent third parties. In addition, binding offtake agreements account for approximately 80% of estimated Stage 1 development revenues. The KMS BFS removes the Ilmenite Processing Circuit (IPC) which contained the Low Temperature Roast (LTR) previously included in the 2017 BFS and removes the Mineral Separation Plant (MSP) components included in both the 2017 BFS and 2019 BFS Update. The 2019 BFS Update was previously designed to produce premium zircon, zircon concentrate and primary ilmenite. The current KMS BFS flowsheet is forecast to produce a Non-Magnetic Concentrate (NMC) product containing zircon and rutile, a Paramagnetic Concentrate (PMC) being a co-product from the Non-Magnetic Finisher Circuit which contains titanium units in combination with iron oxides and low levels of monazite, and an ilmenite rich Magnetic Concentrate (MC).