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Neometals shares continue to rise on titanium assays

Shares are up 65% over the past three months, currently trading at $0.502.

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Barrambie is one of the world’s highest grade titanium deposits

Neometals (ASX:NMT) has received another set of drilling results from its high-grade Barrambie Titanium Project located in Western Australia.

Results are from 20 holes drilled within the titanium oxide starter pit area for the purpose of collecting samples for metallurgical testwork.

Significant high-grade intercepts returned from recent metallurgical drilling included 71.0 metres at 34.1% titanium oxide and 0.86% vanadium pentoxide from surface to end of hole.

The aim of the test work underway at Barrambie is to produce concentrates for the ‘Neomet Process’ Pilot Plant in Canada and to evaluate fast-tracking a direct shipping ore operation.

Barrambie hosts one of the world’s highest grade titanium deposits with a JORC resource of 47.2 million tonnes grading 22% titanium oxide.

Drill result details

During the recent July quarter, 20 metallurgical testwork holes were drilled within the starter pit area.

Previously, the results for only the top 40 metres of each hole were released, corresponding to the planned depth of the initial starter pits.

Drill results from the total hole lengths include:

- 71.0 metres at 34.1% titanium oxide and 0.86% vanadium pentoxide from surface to end of hole;
- 71.0 metres at 33.1% titanium oxide and 0.69% vanadium pentoxide from surface to end of hole;
- 71.0 metres at 32.4% titanium oxide and 0.82% vanadium pentoxide from surface to end of hole;
- 71.0 metres at 32.1% titanium oxide and 0.72% vanadium pentoxide from surface to end of hole;
- 71.0 metres at 32.3% titanium oxide and 0.75% vanadium pentoxide from surface to end of hole; and
- 71.0 metres at 31.9% titanium oxide and 0.59 % vanadium pentoxide from surface to end of hole.

Neomet Process testing in Canada

The beneficiation test work will be completed this month and the majority of the concentrates will be freighted to Neometals’ laboratory in Montreal, Canada.

The concentrates will then be used to commence pilot plant testing of the Neomet Process.

The Neomet Process is an extraction process that Neometals plans to licence to titanium industry partners.

The company plans to commence pilot testing in the June quarter 2018 after the lithium-ion battery recycling pilot campaign, which will be commissioned in December.

Direct shipping ore (DSO) operation

Neometals also continues to evaluate fast-tracking the start-up of Barrambie as a DSO operation.

The company has delivered a representative sample of Barrambie ore from the planned starter pits to China for evaluation by a titanium processor.

If the customer performance tests of the ore are positive and logistic studies show it is viable, Neometals will negotiate the sale of ore, on terms that recognise the contained value in the ore, to selected processors in the titanium supply chain.

A draft mining proposal for small operation has been lodged to cover extraction of a bulk sample of up to 50,000 tonnes.

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