Project

Relentless Resources Limited is a developing Mineral Sands company with projects in the Murray Basin, New South Wales, Australia. Below are some of our key highlights:

  • Near term production asset – With an existing JORC Compliant Resource of 39Mt @4.5% HM grade, we are focused on delivering first production from our flagship Copi Project in Q2 2021, with scope to materially increase mine life post listing.
  • Excellent geology – Higher grade, coarse grain and low slime configuration underpins a high yield, high margin, low CAPEX, long life operation. Strandline style projects with flat topography, no native title and simple free digging operation with a low strip ratio.
  • Exceptional exploration upside – Pursuing a strategic pre-approved drilling program across a large portfolio of 100% owned tenements to grow the existing resource base and substantially increase mine life.
  • Tier 1 location – Located in the globally recognised Murray Basin Mineral Sands district in New South Wales, 35km from Silver City Highway and 60km from Tronox’s (formerly Cristal Mining) Snapper & Ginkgo Mineral Sands Mine.
  • Exposure to increasing Zircon and Titanium Dioxide prices – The near-term production profile provides excellent leverage to increasing zircon and titanium dioxide prices.
  • Low cost commercialisation pathway – Conventional, low cost concentrator plant to be constructed alongside the Copi deposit. HM concentrate will be transported by road trains to Broken Hill rail terminal for transit to Port Adelaide and shipped to customers internationally.
  • Clear strategy to deliver shareholder value where we:
    • Aim to deliver first production by Q2 2021 at our Copi Project.
    • Grow the existing Mineral Resource base to increase mine life through aggressive drilling programs at Copi, Magic, Woolcunda, Budgeree and Springwood.
    • Test regional Greenfield targets at Milkengay, Springwood and North Nanya.

The HMS Exploration Licences held by Relentless Resources, are illustrated in the figure below:

  • Copi EL8312 (Copi North Deposit)
  • Sunshine EL8385
  • Huntingfield EL8769
  • Magic EL8311 (Magic Deposit)
  • Springwood EL8309
  • Nunya North EL8308
  • Milkengay EL8310
  • Budgeree EL8560
  • Woolcunda EL8648
  • Belmore ELA 5724
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Recent exploration

Desktop studies relating to historical drilling have occurred with planning at various stages across most of the tenure. The majority of the drill programs were put on hold during 2017, due to the transfer of the tenements to Relentless Resources.

Future drilling programs are expected to take place.

In the Copi and Sunshine deposits (EL8312 and EL8385 respectively), BHM completed a campaign of resource drilling in early 2015 at the Copi North extension on EL8385. A smaller campaign of drilling was also conducted on the Sunshine deposit, shortly afterward. These confirmed the continuity of higher-grade mineralisation.

As part of the on-going work, a bulk sample was collected from the drilling conducted in early 2016 and sent for further mineral classification and initial processing test-work.

Recent-Exploration_Relentless-Resources3

Two programs of exploration drilling have been approved to date across the Copi-Sunshine (Copi Project) and the Magic–Woolcunda-Budgeree deposits, with a total of 450 holes for 16,000m of drilling planned undertaken in May and October 2019.

The proposed drilling will test for resource infilling and extensions to the above deposits while adding valuable information about the existing Mineral Resources.

Air-core drilling was conducted on the Springwood deposit (EL8309) during early 2017. Thirty seven vertical air-core holes for 1,236m were drilled. Assays were conducted and a maiden Inferred Mineral Resource of 3.0Mt grading at 3.3% THM was delineated with ilmenite of 49%, zircon of 6.6% and rutile of 11%.

Two further exploration targets are to be tested and planning has commenced on EL8309 to further assess these targets.

Historical drilling review conducted by Relentless Resources has also identified additional zones of mineralisation on the remaining Tenements, including but not limited to, potential extensions and new targets on the Magic deposit (EL8311), as well as the Budgeree deposit (EL8560) and the Woolcunda deposit (EL8648).

Mineral resources

The Copi North and Sunshine, Sunshine extension, Copi South, Springwood and Magic deposits have delineated Mineral Resources and are reported by classification in the Table below.

These have been categorised in accordance with the JORC Code and are reported above a cut-off grade of 2% total heavy minerals. In addition, the Mineral Resources for Magic and Springwood are reported below a slimes cut-off grade of content of 35%. The THM is reported as a percentage of the total material and the mineral assemblage components (zircon, rutile, leucoxene and ilmenite) are reported as a percentage of the THM.

Mineral-Resources_Relentless-Resources2
website table
• Notes: Copi Project Mineral Resources reported above a cut-off grade of 1.8% HM, Magic and Springwood Mineral Resources reported above a cut-off grade of 2.0% HM and below a slimes cut-off grade of 35%. • (1) + (2) Mrs Christine Standing of OPTIRO is the Competent Person and has accepted responsibility for the Mineral Resources estimation. • (3) Mr Greg Jones of GNJ Consulting is the Competent Person and has accepted responsibility for the Mineral Resources estimation. • Inconsistencies in totals are due to rounding

Ore reserves

No Ore Reserves, as defined by the JORC Code, have been declared at any of the HMS Projects or on any tenement held by Relentless Resources.