FAM.L Share News (FAM)

(ShareCast News) - Precious and base metals explorer FinnAust Mining's shares rose as it said it found resources of significant scale at its pure Pituffik titanium mining project in Greenland.Extensive trenching over the main project areas identified large volumes of ilmenite rich sand across many square kilometres and ground penetrating radar identified buried layers, which is expected to be high in concentrations of heavy minerals.About 260 holes were drilled on raised beach targets and showed ilmenite rich sands and another 150 offshore vibracore holes were drilled from the support boat.The company is focused on defining both the grade and volume characteristics of the Pituffik titanium project through the production of a JORC code compliant resource, with an emphasis on defining optimal wet mining areas, to undertake a proof of concept bulk sampling programme in 2017.The JORC code, or the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves, sets the minimum standards for public reporting of mineral exploration results, mineral resources and ore reserves. SRK Exploration Services carried out a competent person site visit and the results will generate a JORC code compliant resourceThe AIM-listed company reduced penetration in the Moriusaq Bay area by using a smaller second vibracore unit due to the almost pure layers of ilmenite bearing sediments. Currently the company has expanded the programme to finish it earlier.SRK Exploration Services carried out a competent person site visit and the results will generate a JORC code compliant resourceThe company's environmental programme and initial baseline study are in line with expectations, and will be submitted for an application for exploitation licence in the first quarter of 2017Chief executive Roderick McIllree, said: "Pituffik continues to exceed our expectations. After being on site for two weeks, I'm pleased with the progress and can see positive indications that we will uncover something of significant scale at this very pure titanium deposit in Greenland."Our field programme is being managed by a senior researcher at the Geological Survey of Greenland and Denmark performing exactly as one would expect from such a well-recognised institution. I believe SRK Exploration Services gained a much better perspective of the project from their visit to site and I look forward to working with them to deliver a maiden resource for the project."Shares in FinnAust Mining were up 4.98% to 5.80p at 1445 BST.