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The shares of VRX Silica Limited, previously Ventnor Resources Limited (ASX:VRX), closed the trading session up by 4.545%, with around 93,565 shares changing hands today (5 March 2019). The company, today, announced the results of rock chip samples from its Warrawanda Project. The rock chip samples reported a +99.95% SiO2.
VRX has held the Warrawanda project for more than half a decade, and the company has been focused on the nickel prospectively on a massive ultramafic intrusion. However, the company has changed its focus from nickel to silica sand market, and due to this, the company had gone for a re-evaluation of the tenement to examine the quartz outcrops that are found in the granites adjoining the ultra-mafic intrusion.
The company claims that three outcrops have been initially sampled with outstanding results at each, with the potential to produce a High Purity Quartz (HPQ) product.
Commenting on the results, The Managing Director, Bruce Maluish believes that this result opens yet another product that the company can supply into the Silica market. He also stated that the HPQ market is much smaller and industry-specific than the silica sand market, but it is significantly higher value with prices up to US$300 per tonne for the crushed and bagged HPQ.
What is common between optical fibers, LED lights, photovoltaic cells, and high-tech glass?
High Purity Quartz (a superior type of silica).
The company highlighted that there is substantial growth in the production of LED lights and hence a good market demand for HPQ. The companyâs media release also highlighted the strategic location of the Warrawanda HPQ project. This project is located next to the Great Northern Highway, which connects Fremantle with prospect for backloads from trucks overhauling the Pilbara.
Further, the company also announced that it would conduct a diamond drill test to verify the content and quality of the deposits in Q2 FY19, this is planned, post the Aboriginal Heritage survey.
Todayâs announcement comes on the back of the Arrowsmith Central mining lease application announced by the company to the exchange on 14th February 2019. At the time of the announcement, the company had combined mining lease application over the companyâs Arrowsmith and Muchea Silica sand projects amounting to 6,546 Ha. The drilling was planned to be undertaken in the March quarter. The company stated that this development was expected to increase the confidence and JORC resource status at each project. The Arrowsmith Silica Sand project is situated 270Km to the north of Perth and the Muchea Silica sand project is situated 50km north of Perth. The silica sand in both the projects could be upgraded to glassmaking quality, reported the company.
Stock Performance:
The stock of the company closed up by 4.545% on the ASX (closing price as on 05 March 2019) and stood at A$0.115. The stock has moved up by 57.14%, down by 15.38%, and up by 4.76%, in the past six months, three months and, one month respectively. (As on 04 March 2019)
VRX Silica Limitedâs (ASX:VRX) market capitalization stands at circa $40.33 million. The Stock has noted the 52-week high price of A$0.190 and 52- week low price of A$0.056.
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