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News
7 January 2021
- Thick zones of high-grade Total Heavy Mineral (“THM”) assays have been returned near surface on all holes, including;
- 47.2m @ 3.69% THM including 10.7m @ 8.09% THM and 10.7m @ 5.47% THM
- 35.1m @ 3.04% THM including 10.7m @ 8.16% THM
- 32.0m @ 3.12% THM including 10.7m @ 5.64% THM
- Preliminary analysis of Valuable Heavy Minerals (“VHM”) (which ranges from 42% to 76% of THM across the selected drill holes) indicates a highly valuable average mineral assemblage of the VHM portion consisting of:
- 16.9% Rutile, 14.5% Zircon, 21.6% Leucoxene, 46.0% other high-titanium minerals and 1.8% Monazite
- The results highlight the potential for a world scale, high grade U.S. Heavy Mineral Sand (“HMS”) deposit in an infrastructure rich region.
- Phase 2 drilling results are anticipated to be released in February 2021 and will build upon the exceptional Phase 1 results.
- A Phase 3 drill program is commencing shortly and will including a bulk sampling program to conduct further mineralogy and metallurgical test work.
- The Company is focused on rapidly moving towards defining a maiden JORC mineral resource estimate (“MRE”) and completing a Scoping Study in Q2 2021.
Figure 1: Cross section showing exceptional thickness and grade across deposit
Figure 2: Regional location highlighting Phase 1 & 2 drill hole locations and local infrastructure
Commenting on the results, Executive Director Taso Arima said, “We are very encouraged by these initial results and plan to aggressively delineate this potentially massive HMS deposit which has exceptional characteristics including; simple geology, high grade intersections, high value assemblage, located in an infrastructure rich, low cost region in the USA with customers on our doorstep.”
This announcement has been authorised for release by the Board
END
For further information, please contact
Patrick Glovac
Managing Director
TAO Commodities Limited
+61 8 6380 2470
Anastasios (Taso) Arima
Executive Director
TAO Commodities Limited
+1 347 899 1522
Tao Commodities Limited (“TAO” or “the Company”) (ASX: TAO) is pleased to announce that the maiden drilling program at the Titan Project (“the Project”) in west Tennessee has confirmed thick, high grade mineralisation in all 15 drill holes completed in the Phase 1 drilling program and a valuable mineral assemblage in drill holes selected for analysis
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About Tao Commodities
Tao Commodities Limited (“TAO”) holds a 100% interest in the Titan Project (“the Project”), covering ~3,000 acres of titanium and zircon prospective heavy mineral sands (“HMS”) properties in Tennessee, U.S. The Project is located in an area which saw significant historic exploration from 1960 – 1990 by DuPont, BHP and others, and included over 200 drill holes and a bulk sample mining operation.
The Project is strategically located in the southeast of the U.S., close to significant manufacturing capacity, providing a significant logistical advantage over current U.S. supplies of imported titanium feedstock. Specifically, the Project is ~15 km from Chemours’ New Johnsonville pigment plant, one of the largest pigment plants globally and within a low-cost barge, truck or rail-served distance to all other major U.S. titanium pigment and metal plants.
The U.S. is the second-largest global importer of titanium feedstocks where it is primarily used to produce TiO2 pigment for the coatings and plastics sector and Ti metal for the defense, aerospace, space and medical sector. Over the last decade the U.S. has seen a significant decrease in production of both titanium feedstocks and zircon with the closure of Iluka’s operations in Virginia in 2016. As a result, import reliance has risen to 95% in 2019, with import values of ~A$1,200 million.
Forward looking statements
Information included in this release constitutes forward-looking statements. Often, but not always, forward looking statements can generally be identified by the use of forward looking words such as “may”, “will”, “expect”, “intend”, “plan”, “estimate”, “anticipate”, “continue”, and “guidance”, or other similar words and may include, without limitation, statements regarding plans, strategies and objectives of management, anticipated production or construction commencement dates and expected costs or production outputs.
Forward looking statements inherently involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, performance, and achievements to differ materially from any future results, performance or achievements. Relevant factors may include, but are not limited to, changes in commodity prices, foreign exchange fluctuations and general economic conditions, increased costs and demand for production inputs, the speculative nature of exploration and project development, including the risks of obtaining necessary licenses and permits and diminishing quantities or grades of reserves, political and social risks, changes to the regulatory framework within which the company operates or may in the future operate, environmental conditions including extreme weather conditions, recruitment and retention of personnel, industrial relations issues and litigation.
Forward looking statements are based on the Company and its management’s good faith assumptions relating to the financial, market, regulatory and other relevant environments that will exist and affect the Company’s business and operations in the future. The Company does not give any assurance that the assumptions on which forward looking statements are based will prove to be correct, or that the Company’s business or operations will not be affected in any material manner by these or other factors not foreseen or foreseeable by the Company or management or beyond the Company’s control.
Although the Company attempts and has attempted to identify factors that would cause actual actions, events or results to differ materially from those disclosed in forward looking statements, there may be other factors that could cause actual results, performance, achievements or events not to be as anticipated, estimated or intended, and many events are beyond the reasonable control of the Company. Accordingly, readers are cautioned not to place undue reliance on forward looking statements. Forward looking statements in these materials speak only at the date of issue. Subject to any continuing obligations under applicable law or any relevant stock exchange listing rules, in providing this information the company does not undertake any obligation to publicly update or revise any of the forward looking statements or to advise of any change in events, conditions or circumstances on which any such statement is based.
Competent Person’s Statement – JORC Code 2012
The information in this announcement that relates to Exploration Results is based on information compiled and/or reviewed by Mr. Adam Karst, P.G. Mr. Karst is an independent consultant to Hyperion Metals Pty Ltd. Mr. Karst is a Registered Member of the Society of Mining, Metallurgy and Exploration (SME) which is a Recognized Overseas Professional Organization (ROPO) as well as a Professional Geologist in the state of Tennessee. Mr. Karst has sufficient experience which is relevant to the style and type of mineralization present at the Titan Project area and to the activity that he is undertaking to qualify as a Competent Person as defined in the 2012 edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves” (the 2012 JORC Code). Mr. Karst consents to the inclusion in this report of the matters based on this information in the form and context in which it appears.
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