Announcement Date: 2023-02-21
Announcement Type: Deposit Estimation
Announcement Code: JORC
Company name: Iluka Resources Ltd.
Project name: Wimmera
Location: Sierra Leone
Commodities: Heavy Minerals
Highlight: Updated Resource and Initial Reserve Estimates for Project
Resources: only available to subscribers
CP/QP: only available to subscribers
Announcement summary: The total Wimmera Mineral Resource inventory, including the previously reported WIM50 and WIM50N deposits, is 380 Mt of Indicated Resource grading 4.6% HM containing 18Mt of HM and an Inferred Resource of 1,000Mt grading 5.1% HM containing 51Mt of HM for a total Wimmera Mineral Resource of 1,380Mt of material grading 4.9% HM and containing 68Mt of HM. Wimmera’s DFS is scheduled for completion by the end of 2025, at a cost of $30 million. Subject to study outcomes and Board approval, commissioning is currently scheduled for 2028. Managing Director commentary The Wimmera development is a potential multi-decade source of both zircon and rare earths, including the highly valuable heavy rare earths dysprosium and terbium. Its gating to DFS and Iluka’s declaration of an Ore Reserve and increased Mineral Resource marks further important progress on what is a globally significant critical minerals province.
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