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FYI Resources Limited (ASX: FYI) is engaged in the metals and mining sector, with its operations in exploration and development of selected projects in strategic commodity sectors.
The company today, on 18th April 2019, has announced that it has completed the first phase of the comprehensive metallurgical drilling program at its fully-owned Cadoux Kaolin Project (EL/4673) in Western Australia.
With a view of meeting several key technical project objectives and contribute to the delivery of a robust bankable feasibility study for the companyâs integrated HPA strategy, the combined reverse circulation and diamond drilling program was designed.
The reverse circulation component of the program was completed, which consisted of close spaced in-fill drilling of the current resource, which will help company to 1) Incorporate the results of closed spaced drilling data into the current metallurgical studies database; 2) Support the current metallurgical model in conjunction with the grade and variation of the deposit as a feedstock; 3) Provide additional kaolin feedstock to continue the metallurgical test work and pilot plant process studies; 4) Provide grade control for the first phase of mining along with increasing the predictability of the future production schedule.
Further, the close-spaced in-fill drilling of the current resource helps in increasing technical understanding and confidence in the deposit leading to the conversion of the measured resource to a proven reserve for the first phase of mining.
The drilling program included 22 vertical (90 degrees) reverse circulation drill holes, totalling 614 metres and generating 447 samples and four angled (70 degrees) PQ triple tube diamond drill holes, totalling 75 metres.
The preparation of the samples were done at the site and sent for a series of tests, including standard kaolin suite analysis to determine the element grades and quality, as well as testing the in-situ moisture of the kaolin to determine specific gravity (mass) of the deposit and other characteristics of the kaolin chemistry in relation to refining of HPA.
Analysis of the results was done by Intertek Laboratories in Perth, which is currently pending and will be reported to the market once received.
The upgradation of the current measured resource to proven reserve status is one of the significant purposes of the drilling campaign. The 5mx5m reverse circulation drilling pattern was designed at appropriate spacing and configuration so that the results can be used for the revised resource calculation and as the grade control for the first phase of mining.
With a view of providing further information on the project, six reverse circulation holes were extended to provide hydrological information to calculate the water supply for the onsite beneficiation process and to incorporate the hydrological results into the project environmental study and mine plan.
In another update, the company has reported about its change of address, which now is 108 Forrest Street, Cottesloe, Western Australia.
On the price-performance front, the stock of FYI Resources Limited is trading at $0.060, an increase of 5.263% during the dayâs trade with a market capitalisation of ~$11.2 million (on 18 April 2019, AEST 02:08 PM). The stock has generated a negative YTD return of 5.0% and returns of -32.94% and 14.0% over the past six months and one-month period, respectively. Its 52-week high price stands at $0.150, and 52-week low price stands at $0.050, with an average trading volume of 200,433.
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