Diatreme Resources Limited

Mineral Resource Upgrade Paves Way for Northern Silica Project PFS

Emerging silica sands developer, Diatreme Resources Limited (ASX:DRX) announced today a significant upgrade to the estimated Si2 Mineral Resource at the Company’s Northern Silica Project (NSP) in Far North Queensland, highlighting the critical mineral project’s potential amid an accelerating solar energy boom.

  • Significant 17% increase in Indicated Resource and establishment of maiden 49.5 Mt Measured Mineral
  • Resource for Diatreme’s flagship Northern Silica Project (NSP) in Far North Queensland
  • Results provide strong Resource foundation for upcoming Pre-Feasibility Study (PFS) and maiden Ore Reserve
  • Bulk sample testing and further specialist metallurgical testwork currently underway at external laboratories
  • NSP on track for development amid increasing demand for critical mineral key to solar energy industry.
In the last two months Diatreme has advanced the NSP significantly, with results from the 2023 infill drilling program delivered in late February 2024, through to Particle Size Distribution results arriving in late March 2024, and a deposit scale bulk density program completed in early April 2024. Each phase was designed to enhance the precision of Resource modelling and to enhance project confidence.

The latest data has shown an increase in both the estimated Mineral Resource categories, with the inclusion of a maiden Measured Resource of 49.5 Mt, as well as increasing the size of the Indicated Resource to 120.5 Mt (up 17% from the previous estimate). Diatreme’s total low iron, high purity silica sand resource base exceeds 402 Mt, an extremely strategic and highly valuable resource that is well positioned to supply the fast-growing solar PV market.

Diatreme’s CEO, Neil McIntyre commented: “It is pleasing to report a further enhancement in the quality of the resource estimate for our flagship NSP, with the establishment of its first Measured category Mineral Resource and significant increase in its Indicated category Mineral Resource.

“The enhanced resource allows us to advance our PFS with greater confidence, providing a deeper understanding of the extraordinary potential for commercialisation contained within the Si2 dune complex at the NSP.

“We look forward to delivering the project’s PFS by mid-2024, together with a maiden Ore Reserve, as we ramp up development of this asset vital to the clean energy revolution, both in Australia and internationally.”

The resource upgrade follows moves by the Australian Government to promote the domestic manufacturing of solar panels under its $1 billion “Solar Sunshot” program. Low iron, high purity silica sand is a key ingredient in the solar PV manufacturing process (solar glass), which is currently dominated by China.

The NSP is also located near Cape Flattery, an area identified as a potential critical minerals hub for silica sand by the Queensland Government in its 2023 “Critical Minerals Strategy.”

Click here for the full ASX Release

This article includes content from Diatreme Resources Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.

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