Base Resources Limited (LON:BSE, ASX:BSE) confirmed the details of its recently updated ore reserves estimate for the Ranobe deposit, part of the Toliara project in Madagascar.
The project now has 586mln tonnes (Mt) of ore with an average heavy mineral grade of 6.5%, giving some 38mln tonnes of in-situ minerals. This is consistent with the mineral resources assumptions underpinning the pre-feasibility study, the company said in a statement.
Additionally, Base also revealed that samples taken from the 2019 drill programme are now being processed, and, subsequently the company aims to upgrade both resources and reserves estimates further in due course.
Last week, Base guided that a definitive feasibility study, nailing down the economics of Toliara, is set for completion by the end of the year.
A pre-feasibility study published in March confirmed its credentials as a world-class heavy metals play.
Its net present value (measured at a 10% discount rate) was put at US$671mln, while the investment required to build a 13Mt a year operation was calculated to be US$439mln.