Perpetual Resources Ltd (ASX:PEC) has been granted a trading halt by the ASX ahead of the release of an announcement relating to the award of a mining license for the Beharra Silica Sands Project in Western Australia.
The halt will remain in place until the start of regular trading on Tuesday, June 22, or until an announcement is released to the market.
Stage 3 drilling program completed
Earlier this week, the company completed a stage three, 86-hole aircore white sand drilling program at Beharra Silica Sands Project, a key step in informing a development decision for the project.
The aim of the program was to provide certainty on the first 10 years of mine life at Beharra under a premium white sand only mining and processing scenario, as compared to the previous development scenario, which included processing of the less pure yellow sand sequences as well.
Drill samples are being prepared for shipment to Intertek, which will undertake testing for reporting of exploration drill results.
“Emerging silica sand export industry”
The results of this drill program are expected to inform the development pathway at Beharra.
Perpetual managing director Robert Benussi said: “The conclusion of this aircore program, which saw the successful completion of 86 aircore holes, is potentially a pivotal step in our understanding of the Beharra project, with the results expected to inform whether a white sand only development scenario is optimal for the project.”