Corella acquires mining storage facility
Perth, Feb 9, 2023 AEST (ABN Newswire) - Corella Resources Ltd (ASX:CR9) is pleased to announce that it has entered into a binding contract with grain supply chain co-operative, the CBH Group (Cooperative Bulk Handling Limited) ("CBH") to acquire the Tampu grain bin located ~2.5 km from the Company's flagship Tampu kaolin deposit.
- Corella Resources has entered into a binding contract to acquire the Tampu grain storage facility
- 6.12Ha facility located only 2.5kms from Corella's 24.7Mt Tampu deposit and will be pivotal for the proposed mining operations
- Contract is unconditional after a successful due diligence period with settlement expected Q3FY23
- Critical infrastructure secured to allow the Company to continue advancing towards a mining operation at Tampu potentially saving significant time and expenditure
- The facility will allow for easy access for storage and transport of the mined product to the end buyer
- Resource definition and exploration assay results expected imminently followed by an upgraded Mineral Resource Estimate leading into a Scoping Study
The site consists of a 3,750m2 (~15,000 tonne) storage shed, bitumen road access, loading facilities, weighbridge, offices with accommodation and excellent mobile coverage, access to 3 phase power and water connections located at the Cnr Bunce Rd & Bimbily Rd, Tampu.
The facility will allow Corella to conveniently store the mined product within close proximity to the main existing Tampu deposit for transport to the end user.
The Company will pay CBH $255K cash in consideration for the free-hold property and the acquisition is expected to settle in the coming month. The Company has undertaken an extensive due diligence program on the suitability of the facility to store high purity kaolin from the prospective Tampu project, potentially saving significant time and capital expenditure.
Corella Resources Managing Director, Tony Cormack, commented "Acquisition of the Tampu storage bin is a major milestone for the Company, we have now secured crucial infrastructure to rapidly advance the project towards mining, and importantly it demonstrates the board's commitment to developing Tampu as a world class kaolin/HPA project".
"We have received overwhelming encouragement and support for the project from the landowners as well as the entire Beacon community and we look forward to their ongoing support as we progress Tampu towards production. Acquiring the infrastructure further cements Corella's presence in the Beacon area we look forward to providing opportunities, working with the locals for win-win outcomes and continuing to actively support the community in which we operate".
Final assay results from the recent Resource Definition sonic core drilling are expected imminently, the Company will update the market in due course.
The results of the resource definition, including specific gravity measurements, will increase the geological confidence and upgrade the existing Inferred Mineral Resource into Indicated / Measured Resource categories for conversion into Mineable Reserves. These Reserves along with additional metallurgical results from the Sonic drill core will then be used to underpin a Pre-Feasibility Study for the Tampu Project.
Furthermore, the aircore exploration drill hole assays at the Whitecap and Whitehills prospects will assist in designing and determining suitability for a comprehensive drill program at the new prospects targeting maiden mineral resource estimates at these locations.
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About Corella Resources Ltd
Corella Resources is an Australian exploration company listed on the Australian Securities Exchange (ASX:CR9). Corella Resources is focussed on exploration and development of their 100% owned Tampu, Wiltshire and Kalannie kaolin projects along with the 100% owned Bonnie Rock silica project. All 4 projects are located in the mid-west of Western Australia.
Corella Resources Ltd