Highlights

• Latest exploration work has defined a high-grade titanium zone at Australasian Metals’ May Queen South Bauxite project.
• The zone outside the existing resource area reflected analytical results ranging up to 17.55% TiO₂.
• The company plans to involve metallurgical specialists to analyse the titanium ore processing methods and potential uses.
• A8G is actively reaching out to potential customers in the Asian product offtake and downstream processing space.

Australasian Metals Limited (ASX: A8G) has shared an exciting update concerning its recently acquired Queensland-based May Queen South Bauxite project, which has a JORC 2012 Inferred Mineral Resource estimate of 54.9 million tonnes (Mt) at 37.5% Al₂O₃, 5.2% TiO₂ and 7.9% Rx SiO₂.

Initial field work comprising mapping and surface rock chip sampling led to defining multiple high-grade surface samples with TiO₂ of 3.36-17.55%.

The development confirmed the project’s geological prospectivity for titanium and bauxite, says the company.   

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For the project, Australasian Metals has acquired historical data including preliminary metallurgical test-work. Now, the company is planning to involve metallurgical specialists in the process to analyse the high-grade titanium ore processing pathway as well as potential uses.

Analysis of the historical drilling database has suggested high-grade titanium outcomes within the resource envelope with the review reflecting around 10% of assays reporting 3.8-13.2% TiO₂.

The latest work also focused on studying areas where previous drilling campaigns delivered higher titanium dioxide outcomes. Ilmenite can be observed in the runoff locations and soil in these regions. Sample Q23767 (17.55% TiO₂) returned the highest TiO₂ grade. Furthermore, occurrence of detrital ilmenite or rutile was also confirmed from several samples of the residual soil.

Shallow drilling to expand TiO₂ mineral resource

Presently, the company has its focus centred around transferring EPM16260 and EPM16261 titles to its subsidiary. The process is likely to be finalised in the near future.

The next step would be an application submission for gaining the required approvals to undertake shallow drilling focused on boosting the titanium dioxide mineral resources.     

A8G shares traded at AU$0.18 on 14 July 2023. In the last one month, shares have gained over 23%. The company has a market cap of nearly AU$10 million.