VRX Silica (ASX: VRX) has announced details of its Bankable Feasibility Study and maiden Probable Ore Reserve at its Arrowsmith North Silica Sand Project, located 270km north of Perth, WA, one of the Company’s three advanced silica sand projects.
· Arrowsmith North BFS demonstrates exceptional financial metrics and a World-class project
· Ungeared NPV10 of $242 million based on 25 years of a potential mine life of +100 years
· Total Project Probable Ore Reserve of 223 Mt @ 99.7% SiO2
· Mining Lease application area Probable Ore Reserve of 204 Mt @ 99.7% SiO2
· Four saleable silica sand products suitable for international glass making, foundry and ceramic markets
· Offtake discussions continuing
VRX Silica Managing Director Bruce Maluish said: “We are delighted with the results of ongoing work for Arrowsmith North and, following our BFS, the conversion of the Mineral Resource Estimate into a maiden Probable Ore Reserve.
“These results support our continued assessment of Arrowsmith North as a compelling silica sand project with world-class potential.
“We expect Arrowsmith North to be a long-life mining project with a significant proportion of the Ore Reserve sitting within our Mining Lease application area.
“Demand for identified saleable products remains strong and we have generated significant interest from potential customers across the Asia-Pacific region and continue to engage with potential customers.”
Work continues on obtaining environmental and mining approvals for Arrowsmith North.