VRX Silica (ASX:VRX) Shares Soar 17% Post Grant of Mining Lease for Muchea Project

  • October 29, 2020 01:43 PM AEDT
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Shares of VRX Silica Limited (ASX:VRX) are trading ~17.7 per cent higher at $0.20 (as at 12:50 PM AEST) following an update on the grant of Mining Lease for Muchea Silica Sand Project. The Mining Lease (M70/1390) encompasses an area of over 1,000ha, which is sufficient for at least 25 years of production as per the project’s Bankable Feasibility Study.

The grant area also includes Inferred Mineral Resource of 61.4Mt @ 99.6% SiO2 and Probable Ore Reserve of 14.6Mt @ 99.9% SiO2. Besides, the Mining Lease offers a clear pathway for the development of Muchea project with a post-tax NPV10 of $338 million.


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