Reed Resources shifts focus to mineral sands
PERTH (miningweekly.com) – Embattled junior Reed Resources has shifted its focus from gold to mineral sands, with the company announcing a resource estimate at its Barrambie project, in Western Australia.
The project was estimated to host an indicated and inferred mineral resource of 47.2-million tonnes, grading 22.2% titanium oxide and 0.63% vanadium oxide, as well as 46.7% iron oxide.
The new resource estimate for the project reflected a change in process route to primarily recover titanium, rather than vanadium.
Reed noted this week that the Barrambie project was the world’s second-highest-grade hard-rock titanium deposit, adding that testwork had produced 99.9% titanium oxide direct from ore at recoveries in excess of 90%.
While the company has been exploring for a diverse portfolio of minerals for a number of years, the miner had, until recently, been known as a gold producer.
However, in August this year, Reed handed over its subsidiary GMK Exploration - which owns the Meekatharra gold project - to administrators, after the company failed to secure sufficient funding to support continued operations.
The company also announced an asset impairment charge of some A$70-million for the 2013 financial year, on the back of declining commodity prices.
Besides the mineral sands and gold projects, Reed holds a 70% interest in the Mt Marion lithium project, and owns the Mount Finnerty project, where it is exploring for iron-ore and nickel.
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