FAM.L Share News (FAM)

(ShareCast News) - Greenland and Finland-focused company FinnAust Mining announced on Tuesday that it has completed its 2016 work programme at the Pituffik Titanium Project in Greenland.The AIM-traded firm said the programme was designed in consultation with SRK Exploration Services, and executed by the Danish Geological Survey of Denmark and Greenland.Key deliverables from that work were the production of an initial JORC resource and identification of optimal areas to focus current 'wet mining' trade-off studies, as well as larger metallurgical samples for ongoing test work, the company's board said."More than 500 auger and vibracore drill holes were completed along with extensive trenching and sampling across the project area during the 2016 field season," the board said."As a result of the 2016 fieldwork, the company has confirmed the two core target areas that will become the focus with respect to future studies."The first core target area is Moriusaq Bay and surrounding area, which FinnAust described as a low-medium tonnage target that encapsulates the bay and proximal active and raised beaches with grades in some areas estimated to be in excess of 85% ilmenite.The other area is Interlak, described as an area dominated by "huge" deltaic deposits with associated adjacent high grade beaches, with grades in some areas estimated to be in excess of 70% ilmenite occurring as thick sedimentary bands."On the active and raised beaches, a total of 260 auger holes and trenches were sampled during 2016."Additional trenches were completed for metallurgical sampling purposes as well as stratigraphic mapping purposes, creating a bulk metallurgical sample in excess of 500 kilograms."FinnAust said the sample was sent to Perth, Australia where analysis of the sample will be undertaken to continue to optimise the mineral beneficiation process."The 2016 fieldwork programme was a major campaign designed to fulfil many requirements, executed by experienced service providers and delivered at relatively low cost," said FinnAust CEO Roderick McIllree."I would like to thank all participants, especially our lead partners, GEUS, Orbicon, NIRAS and SRK for a successful and productive season."McIllree said the results from the diverse range of initiatives undertaken will generate a large array of data that will tie in with other work programmes underway in the background."The completion of a maiden JORC resource, together with results from the environmental impact assessment, will position us well for our next leap early next year into permitting of an exploitation licence in H1 2017."Pituffik continues to exceed our expectations at each turn and it is my belief that this project will eventually be recognised as a globally significant ilmenite deposit both in terms of grade, and tonnes."