Exploration Defines Potential for a World Class Critical Mineral Rich Province in the USA
10 March 2021
- Further high grade intercepts from Phase 2 Drill Results continue to highlight the potential for a world class, critical mineral rich province in the USA.
- The results confirm the consistent grade and thickness of mineralization over ~3.6km strike length drilled to date, which is proving to be a newly defined critical mineral province in the USA.
- Assays from all 9 holes of the Phase 2 drill program returned thick zones of high-grade Total Heavy Mineral (“THM”) near surface, with highlights including:
- 36.6m @ 3.37% THM including 12.2m @ 7.65% THM
- 41.1m @ 2.14% THM including 9.1m @ 5.55% THM
- 33.5m @ 2.21% THM including 12.2m @ 5.64% THM
- Bulk sampling test work progressing well at Mineral Technologies’ pilot plant in Starke, Florida for flowsheet development and will produce mineral products, including;
- Titanium minerals (rutile and leucoxene) for further processing and test work into titanium metal powders and for customer discussions in the U.S. paint and pigment supply chain;
- Rare earth minerals (monazite) for further metallurgical test work and for customer / strategic partnership discussions in the U.S. rare earth supply chain;
- Zircon for customer discussions in the ceramic and foundry markets; and
- Silica sand for further processing and test work into low iron, high quality silica used in float glass, solar panel glass and pharmaceutical grade glass.
- A 70 hole Phase 3 drill program is approximately 50% complete, and together with the bulk sample program will form the basis for the Company’s initial JORC compliant mineral resource estimate (“MRE”) expected in late Q2 2021.
- TAO is actively working to expand its already significant land position in the region, with the potential for the Company to define one of the largest scale titanium and rare earth deposits in the world.
Commenting on the Phase 2 drill results and progress made on the Titan Project, Anastasios Arima, Managing Director of TAO commented:
“I am extremely pleased with the results from the Titan Project in west Tennessee and at the progress made by the team on the ground in proving out the potential for a critical mineral rich province in the USA. The combination of outstanding drilling results and the rapid progress of our bulk sample program is extremely exciting, and provides the Company with the potential to substantially solve the critical mineral supply chain challenges seen in the USA today, particularly in titanium and rare earths”.
Figure 1: Detailed map highlighting Phase 2 drill holes reported in this release, Phase 3 holes drilled with assays pending and planned but undrilled Phase 3 holes.
This announcement has been authorised for release by the Managing Director.
END
For further information, please contact:
Anastasios (Taso) Arima, Managing Director
+1 347 899 1522
Dominic Allen, Corporate Development
+61 468 544 888
Tao Commodities Limited (“TAO” or “the Company”) (ASX: TAO) is pleased to announce that the results of the Phase 2 drilling program have been received and continue to highlight the potential for the development of a critical mineral rich province in the USA. Phase 2 results continued to display high grade and thick intersections at the Titan Project and has confirmed over 3.6 kilometers of mineralization along strike, with the potential to significantly expand. The Company’s Phase 3 drilling program and bulk sample test work program are progressing well, which will form the basis of the initial MRE and will produce mineral products for further metallurgical test work and customer / strategic partner discussions.
Phase 2 Drill Program
All 9 sonic drill holes in the Phase 2 program encountered significant intercepts of heavy mineral mineralization (Appendix A). The Phase 2 program was designed to expand the mineralization discovered in the Phase 1 program and encountered significant contained mineralization within all geological units, with the Lower Mcnairy Sand unit consistently recording the highest grade and thickest intercepts. Mineralized intervals ranged in thickness between 12.2 meters and 41.1 meters, all with grades greater than 2% THM.
High-grade mineralized zones in both the Upper and Lower Mcnairy Sand unit are proving to be very consistent in both thickness and grade along 3.6km of strike, highlighted in the long section (Figure 1), represented sub-parallel to the historic shoreline.
Figure 2: Long section (A – A’) displaying phenomenal continuity along the strike of the deposit.
The Company is continually working to assess opportunities to expand its already significant land position in the region, with the potential for the Company to define one of the largest scale titanium and rare earth deposits in the world.
Phase 3 Drill Program and Bulk Sample Testwork
The 70-hole Phase 3 drilling program is ~50% complete, designed to infill areas defined by Phase 1 and 2 programs in order to inform an initial mineral resource estimate. The program will also continue to explore for additional high grade zones of mineralization along strike to the majority of Phase 1 & 2 drilling as well as to test other properties the Company has recently secured in the area. The completion of the Phase 3 program is expected in April and the initial mineral resource estimate is expected to be completed in late Q2 2021.
Three ~500kg bulk samples have been collected and sent for analysis and pilot scale mineral separation at Mineral Technologies lab in Starke, FL. The test work program is progressing well, with the Company conducting a site visit to the pilot plant facility on 1 March 2021. Two of the bulk samples have been selected from the lower mineralized unit and one from the upper unit. The objective of the metallurgical program is to produce products for potential customers / strategic partners, to provide material for additional testwork programs (such as metallurgical testing of the rare earths and production of titanium metal powders), to begin flowsheet development for a scoping study and for assemblage data to inform the mineral resource estimate.
Figure 3: Spiral testwork and havy mineral concentrates at the Mineral Technologies lab in Starke, FL (Sample 1. Ore, Sample 2. Deslimed Ore, Sample 3.a. Concentrate, Sample 3.b. Middlings, Sample 3.c. Tailings).
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About Tao Commodities
Tao Commodities Limited (“TAO”) holds a 100% interest in the Titan Project (“the Project”), covering ~3,850 acres of properties prospective for heavy mineral sands (“HMS”) in Tennessee, rich in minerals critical to the U.S., including titanium, rare earth minerals, high grade silica sand and zircon.
The Project is located in an area which saw significant historic exploration from 1960 – 1990 by DuPont, BHP and others, and is strategically located in the southeast of the U.S., close to significant manufacturing capacity, providing a significant logistical advantage over current U.S. suppliers of imported feedstocks. Specifically, the Project is ~15 km from Chemours’ New Johnsonville pigment plant, one of the largest pigment plants globally and within a low-cost barge, truck or rail-served distance to all other major U.S. titanium pigment and metal plants.
The U.S. is 95% import reliant on titanium feedstocks used to produce TiO2 pigment for the coatings and plastics sector, and is 100% import reliant on Ti metal used for the defense, aerospace, space and medical sectors. The Company’s mission is to address the U.S.’s need for clean, low cost domestic sources of titanium and other critical minerals, and intends to leverage both its HMS deposit in Tennessee and its breakthrough HAMR technology to provide high quality, low cost and low-to-zero carbon critical minerals and titanium metal products to the U.S.
The Company also holds a 100% interest in the Milford Project in Utah, United States, which is considered prospective for base and precious metals.
Figure 4: Titan Project location and proximity to major titanium dioxide pigment producers
Forward Looking Statements
Information included in this release constitutes forward-looking statements. Often, but not always, forward looking statements can generally be identified by the use of forward-looking words such as “may”, “will”, “expect”, “intend”, “plan”, “estimate”, “anticipate”, “continue”, and “guidance”, or other similar words and may include, without limitation, statements regarding plans, strategies and objectives of management, anticipated production or construction commencement dates and expected costs or production outputs.
Forward looking statements inherently involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, performance, and achievements to differ materially from any future results, performance, or achievements. Relevant factors may include, but are not limited to, changes in commodity prices, foreign exchange fluctuations and general economic conditions, increased costs and demand for production inputs, the speculative nature of exploration and project development, including the risks of obtaining necessary licenses and permits and diminishing quantities or grades of reserves, political and social risks, changes to the regulatory framework within which the company operates or may in the future operate, environmental conditions including extreme weather conditions, recruitment and retention of personnel, industrial relations issues and litigation.
Forward looking statements are based on the Company and its management’s good faith assumptions relating to the financial, market, regulatory and other relevant environments that will exist and affect the Company’s business and operations in the future. The Company does not give any assurance that the assumptions on which forward looking statements are based will prove to be correct, or that the Company’s business or operations will not be affected in any material manner by these or other factors not foreseen or foreseeable by the Company or management or beyond the Company’s control.
Although the Company attempts and has attempted to identify factors that would cause actual actions, events or results to differ materially from those disclosed in forward looking statements, there may be other factors that could cause actual results, performance, achievements, or events not to be as anticipated, estimated or intended, and many events are beyond the reasonable control of the Company. Accordingly, readers are cautioned not to place undue reliance on forward looking statements. Forward looking statements in these materials speak only at the date of issue. Subject to any continuing obligations under applicable law or any relevant stock exchange listing rules, in providing this information the company does not undertake any obligation to publicly update or revise any of the forward-looking statements or to advise of any change in events, conditions or circumstances on which any such statement is based.
Competent Persons Statement – JORC Code 2012
The information in this announcement that relates to Exploration Results is based on information compiled and/or reviewed by Mr. Adam Karst, P.G. Mr. Karst is an independent consultant to Hyperion Metals Pty Ltd. Mr. Karst is a Registered Member of the Society of Mining, Metallurgy and Exploration (SME) which is a Recognized Overseas Professional Organization (ROPO) as well as a Professional Geologist in the state of Tennessee. Mr. Karst has sufficient experience which is relevant to the style and type of mineralization present at the Titan Project area and to the activity that he is undertaking to qualify as a Competent Person as defined in the 2012 edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves” (the 2012 JORC Code). Mr. Karst consents to the inclusion in this report of the matters based on this information in the form and context in which it appears.
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