Pituffik is an advanced stage titanium project. It has been the subject of multi decade technical studies and can be demonstrated to sit comfortably within the top percentile of projects globally with respect heavy mineral grade.
The 2016 work programmes were designed specifically to determine the volume characteristic, the potential for Pituffik to become one of the highest grade in situ deposit of ilmenite anywhere in the world as well as having a large tonnage inventory is self evident.
Photogrammetry, marine bathymetry as well as onshore and offshore sampling has been completed by Bluejay during 2015, the early results of which have shown visual percentages of heavy minerals in almost all samples taken, and continue to demonstrate not just the extensive and high grade nature of the onshore accumulations of ilmenite but also the potential for much larger volumes of ilmenite bearing sediments within the shallow marine environment extending out to approximately 1,000m from shore all in less than 20m of water.
The 2016 Work Programmes as mentioned were all about volume with more than 250 holes completed on the raised beaches as well as more than 150 off shore vibracore holes being completed as well.
The latest depositional models for Pituffik comprises five primary target areas that are all of interest to the company. They are also all, with respect to industry peer groups of very high grade.
Raised beaches; medium grade & medium tonnage targets of ±20% ilmenite covering an area of more than 1km wide and 30km long;
Active beaches; the tidal and surf zone containing high grade, usually >50%, ilmenite that covers an area of more than 100m wide and 30km long.
Drowned beaches; sediments contained in the shallow marine environment that are high grade and high tonnage targets. These are more than 3km wide up to 27m thick in some places and 30km long.
Moriusaq Beach; Moriusaq Bay is a low-medium tonnage but ultra high grade 75% target.
Interlak delta deposits; the deltaic deposits of the Interlak river are ultra large tonnage at lower grades of around 15% ilmenite.
Sampling in the high-grade “Moriusaq beach” area returned opaque fractions (magnetite and ilmenite) of up to 95%. Active beaches in that project area returned grades of ilmenite of up to 68% with an average grade of ±40%.
The far more expansive uplifted beaches are on average around 20% ilmenite.
The drowned beach sediment accumulations, if ultimately proven, could be amenable to exploitation via simple and cost effective offshore dredging. The Company’s Mineral Exploration licence covers both on and offshore areas with the first licence of its type to cover marine based minerals ever in Greenland.
In terms of future work, FinnAust is focussed on delivering production from Pituffik with the aim of ultimately generating cash flow to pay dividends and also become capable of self-funding exploration on its various projects. Read 2016 Work Programme Update, Pituffik Titanium Project, Greenland
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