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Diatreme Resources Limited (ASX code "DRX") is a Brisbane based diversified mineral explorer with a portfolio of mineral sands, copper and gold properties across Australia. The Company was incorporated in 1993 and originally concentrated on gold and base metal exploration. In 2004, it expanded its interests into heavy mineral sands by securing numerous Eucla Basin exploration tenements in South Australia and Western Australia. In 2007, the Cyclone Zircon Deposit discovered. 

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MINERAL SANDS

Diatreme's mineral sands project focus centres on the highly prospective Eucla Basin in Western Australia, where a number of exciting heavy mineral sand (zircon, rutile, leucoxene and ilmenite) discoveries have been made since 2004.

The Company is currently conducting a definitive feasibility study on the Cyclone Deposit after completing a prefeasibility study in 2012 that showed very positive results.

The Prefeasibility study shows potential for the Cyclone Zircon Project to mine ore at a rate of 10 million tonnes per annum for 10 years, yielding approximately 147,000 tonnes per annum of zircon rich heavy mineral concentrate. Key parameters from the PFS include:

·         Capital investment of $223 million, with average annual sales revenue of $191 million and annual NPAT of $78 million.

·         Net present value of $194 million and internal rate of return of 32%, with payback period of 2.1 years.

·         Strong market fundamentals for main mineral products of zircon (66% ZrO2) and titanium products HiTi87 (86.6% TiO2) and HiTi67 (67.3% TiO2), with constrained long term global supply.

Estimated average annual mineral production rates:

·         Zircon 65,000 tonnes

·         HiTi87 10,000 tonnes

·         HiTi67 46,000 tonnes

In February 2012, a JORC compliant ore reserve for the Cyclone Deposit was announced as a Probable Ore Reserve of 97 million tonnes at 2.5% heavy minerals, containing 2.4Mt heavy mineral, including 770kt of Zircon.

Combined with the JORC resource announced by Image Resources NL in July 2010 over their neighbouring Cyclone Extended Deposit - over which Diatreme now has a conditional purchase agreement - the Cyclone deposit is shaping as a significant new zircon development project.

Cyclone represents potential for new, long-term, heavy mineral supply source for both Australian and overseas industries.

The Company also holds mineral sands exploration tenements at Cape Bedford (QLD) and Grays Hill (QLD) and continues to seek new opportunities.

COPPER and GOLD

Diatreme is also working on a number of prospective metalliferous exploration projects as follows:

·         Clermont (QLD): copper/gold

·         Tick Hill (QLD): gold (Farm-In by Superior Resources)

·         Grays Hill (QLD): copper/gold/molybdenum

·         Glenthompson (VIC): copper  

The Clermont project has been the primary focus of the Company for copper and gold. Diatreme has conducted deep diamond drilling within the Rosevale Porphyry Corridor in its quest to investigate the potential for the area to host a major mineralised porphyry copper/gold system.

 


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