03 MAY 2016First Bauxite Corporation Press Release
First Bauxite Corporation completes mining of bulk sample pit at Bonasika
Edited by : AL CIRCLE
2 min read
First Bauxite Corporation announced that it has completed a bulk sample test pit programme at its Bonasika 7 bauxite deposit.
The company provided a general update on the expected use of proceeds from the US$15 million private placement of secured convertible notes to Resource Capital Fund VI LP. This included using a portion of the proceeds to undertake a bulk sample pit programme to confirm mining and processing assumptions in the Bonasika Project Feasibility Study and to produce industrial scale volumes of ceramic proppants in a full scale ceramic proppant production facility.
Bulk Test Pit Programme
Pit preparation, mining and ore beneficiation in the Bonasika 7 deposit commenced in October 2015 and was completed in March 2016.
Ceramic Proppant Production Trial
During April 2016, bagged DFB was transported from the Bonasika 7 deposit to the Georgetown port, loaded into containers and shipped to the CP Facility. A total of 2,400mt (2,300mt DFB/100mt RGB) was shipped with the production trial expected to be undertaken in July 2016.
Ceramic Proppant Testwork
Following announcement of the FS results on June 18, 2015 and filing of the NI 43-101 Technical Report on August 4, 2015, further independent testwork has been conducted by recognised oil and gas industry proppant testing laboratories on upscale samples of First Bauxite's ceramic proppants. This includes upscale samples produced in the CP Facility. This testwork has confirmed the favourable results for First Bauxite.
Tenements and Permitting
In December 2015, the Government of Guyana granted the company a two year extension to the construction commencement date under the Bonasika Mining Licence from January 31, 2016 to January 31, 2018. The company has now commenced discussions with the GoG on the specific modifications that are required to the Mineral Agreement and BML to reflect the new FS scope.
The company said that additional business updates will be provided as further progress is achieved on the various activities discussed above.
The company provided a general update on the expected use of proceeds from the US$15 million private placement of secured convertible notes to Resource Capital Fund VI LP. This included using a portion of the proceeds to undertake a bulk sample pit programme to confirm mining and processing assumptions in the Bonasika Project Feasibility Study and to produce industrial scale volumes of ceramic proppants in a full scale ceramic proppant production facility.
Bulk Test Pit Programme
Pit preparation, mining and ore beneficiation in the Bonasika 7 deposit commenced in October 2015 and was completed in March 2016.
Ceramic Proppant Production Trial
During April 2016, bagged DFB was transported from the Bonasika 7 deposit to the Georgetown port, loaded into containers and shipped to the CP Facility. A total of 2,400mt (2,300mt DFB/100mt RGB) was shipped with the production trial expected to be undertaken in July 2016.
Ceramic Proppant Testwork
Following announcement of the FS results on June 18, 2015 and filing of the NI 43-101 Technical Report on August 4, 2015, further independent testwork has been conducted by recognised oil and gas industry proppant testing laboratories on upscale samples of First Bauxite's ceramic proppants. This includes upscale samples produced in the CP Facility. This testwork has confirmed the favourable results for First Bauxite.
Tenements and Permitting
In December 2015, the Government of Guyana granted the company a two year extension to the construction commencement date under the Bonasika Mining Licence from January 31, 2016 to January 31, 2018. The company has now commenced discussions with the GoG on the specific modifications that are required to the Mineral Agreement and BML to reflect the new FS scope.
The company said that additional business updates will be provided as further progress is achieved on the various activities discussed above.
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