Capital Metals PLC - mineral sands developer focused on Sri Lanka - Sees compelling opportunities to significantly upgrade the resource estimate for the Eastern Minerals Project, which is already sufficient to develop a mine. Project has an estimated average grade of 18% total heavy minerals, making it one of the highest-grade mineral sands deposits in the world. Current estimate based on shallow drilling, deep drilling so far suggests up to 27% total heavy minerals. Initial exploration suggests there is potential for significant mineralisation in wider area of the project. High grade will reduce capital expenditure as it means less material needs to be mined and processed.
Current stock price: 15.00 pence, up 6.4% on Monday
Year-to-date change: unchanged
By Ivan Edwards; ivanedwards@alliancenews.com
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Capital Metals (CMET)