Pioneer Resources Completed Stage 1 of Sinclair Mine Excavation- What You Need To Know

  • Jan 22, 2019 AEDT
  • Team Kalkine
Pioneer Resources Completed Stage 1 of Sinclair Mine Excavation- What You Need To Know

Pioneer Resources Ltd. (ASX: PIO) explores for nickel, gold, manganese, lateritic cobalt-nickel, and copper-lead-zinc.

The company has through the latest release on ASX disclosed update for its 100%-owned Sinclair Mine, Australia’s first operation to extract the caesium mineral, pollucite, located 40km north of Norseman, Western Australia. 

 The key highlights for the same are as follows:

  • Mining of the Stage 1 Sinclair Caesium Mine is now complete;
  • Approximately 19,000t of pollucite-bearing rock (“Pollucite”) with an average grade of 9.1% Cs2O has been mined and crushed and will be sold under the Offtake and Loan arrangement in place with Cabot Corporation (“Cabot”), announced in June 2018;
  • The contained caesium, being 1,640 tonnes, has outperformed the start-up Resource Estimate in the Measured category of 1,047 tonnes by an increase of 593 tonnes or 57%. As the sale price which has been determined is based on the caesium extracted above a minimum grade for a consignment, this will radically improve the revenue received by the company, while at the same time, maximizing the metal content for Cabot.
  • The agreements to export a more significant amount of quantity of Pollucite are being finalized. The first-ever shipment of crushed Pollucite has been deposited at the Esperance port. The export date that has been scheduled is 23 January 2019. The consignment shall be exported from the Port of Esperance. The shipments are anticipated to get shipped to the importers by the December 2019; this assumption is based on the on expected shipping schedules and quantities per shipment.

In the year 2016, the company had disclosed the discovery of Australia’s first caesium mineralisation. The Pollucite is considered as a high-value rare caesium mineral. The global supply of this mineral is very constrained. The caesium Formate brine aids in the high-temperature oil and gas drilling.

Before the commencement of mining, the Company provided a Mineral Resource Estimate of 7,110t of the caesium ore ‘pollucite’ with a grade of 16.4% Cs2O.

The company’s Managing Director, Mr. David Crook has said that the mining operation has gone very well, with the mining extended by around three weeks to ensure that the additional pollucite mineralization was carefully extracted. He also emphasized that this completion has resulted in a very encouraging outcome for the Company and has provided the firm with an ability to explore for further caesium

Now let us quickly look at the company’s stock performance over the last few months. Currently, it is trading at a price of $0.017, trading flat during the day’s trade, with a market capitalization of circa $25.57 Mn as on 22 Jan. 2019. The stock opened at $0.018, which was also the day’s high & a touched a day’s low of $0.017. The company has posted returns of -19.05%, -10.53 % and 21.43 % over the last six months, three months and one-month period respectively as on 21 January 2019. It has a 52-week high price of $0.036 and a 52-week low of $0.014, with an average volume of 1,374,188 approximately.


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