Stockyard has an indicated and inferred resource of 9.6 million tonnes at 98.9% silica, within less than 5% of the project area.

 

The junior secured Stockyard soon after its listing in mid-2021, and swiftly announced an exploration target for the ground near Eneabba of 8-15Mt.

 

A 20t bulk sample has already been shipped to its potential offtake partner in China to determine potential final product specifications and offtake pricing, and scoping studies are said to be well advanced. 

 

The aim is to then roll immediately into a feasibility study.

 

It secured a mining lease over 1.9Mt at 98.8% of the indicated resource last quarter. 

 

Tests have suggested the sands can be upgraded using conventional gravity screening, washing and desliming methods to deliver a high-purity silica sand product suitable for the foundry and photovoltaic markets.

 

It has a two-stage non-binding memorandum of understanding with Hongbote Solar Technology for offtake of up to 600,000t from Stockyard, and a potential strategic partnership for the construction of joint venture silica processing plant in China.

 

The company started the quarter with A$2.8 million cash remaining from the $5 million initial public offer at 20c that was completed in July 2021.

 

Shares in Industrial listed at 30c, and have since traded at 18-50c.

 

The stock closed yesterday at 37.5c, capitalising it at $24 million.