Corella completes acquisition of mining storage and infrastructure hub to fast-track progress towards production
Completes Acquisition of Mining Storage Facility
Perth, Feb 28, 2023 AEST (ABN Newswire) - Corella Resources Ltd (ASX:CR9) is pleased to announce that it has successfully completed the acquisition of the Tampu grain bin located ~2.5 km from the Company's flagship Tampu kaolin deposit from grain supply chain co-operative, the CBH Group (Co-operative Bulk Handling Limited) ("CBH"). 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 paid CBH $255K cash from existing reserves in consideration for the free-hold property after a successful due diligence program.
Aircore exploration drill hole assays at the Whitecap and Whitehills prospects are expected imminently, the Company will update the market in due course. Results will assist in designing and determining suitability for a comprehensive drill program at the new prospects targeting maiden mineral resource estimates at these locations.
Following the recent sonic drill assays from the resource definition program1, the Company is currently working with industry experts CSA Global on upgrading 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. The Company looks forward to updating the market in due course.
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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