Bauxite Resources Ltd updates on it September quarter activities and JV with HD Mining

Bauxite Resources Ltd (BRL) has released its September 2018 Quarterly Report. The report updates on its ongoing projects and future plans.

The company continued work on silica sand projects at Albany, Esperance and Gingin and hard-rock quartz projects in Halls Creek, South West WA and Far North Queensland. The Company is seeking Joint Venture partners to assist in fast tracking the development and funding of the Silica Sand Projects following a high level of interest for potential offtake.

The company also continued to evaluate the potential for economic development on the bauxite mining joint venture with HD Mining.  The current bauxite resource base under the JV is 93.2Million tonnes Inferred Mineral Resource and 1.5Million tonnes Indicated Mineral Resource. The JV requires HD Mining to fund 100% of exploration and feasibility costs for HD Mining.

HD Mining will earn 40% interest in any defined area of bauxite exploration. The company will also earn a further 20% interest in a defined area upon completion of the feasibility study and commencement of mining.

The company reported 48% increase in Bauxite Resource at Ceres Bauxite Deposit in Darling Range, West Australia.  Within the joint venture, HD Mining has an ‘earn in’ of up to 60% on decision to mine. BRL reports cash reserve of A$4.75m on 30 June 2018. The Company has no debt and additional assets including two rural properties in the Bindoon area of Western Australia recently valued at A$1.89m.