IND Establishes HPQ Exploration Target at Pippingarra Project

Industrial Minerals Ltd (ASX: IND or the Company) is pleased to announce a Maiden Exploration Target for High Purity Quartz (HPQ) at its Pippingarra Quarry Project (Pippingarra) located 30km south-east of Port Hedland, in the Pilbara region of Western Australia (Figure 1).

Highlights

• IND’s recent RC drilling program informs a Maiden High Purity Quartz (HPQ) Exploration Target at the Pippingarra Quarry Project.
• Drilling is planned for the exploration target area and to test several quartz occurrences mapped across the wider Mining Lease area.
• IND plans to commence work on a HPQ Mineral Resource Estimate in parallel with metallurgical testwork being conducted by potential offtake partners and third-party mineral processing laboratories.
• A 300kg Pippingarra quartz sample crushed from existing quarry stockpiles sent to China in late 2023 produced a >GG.GG4% SiO₂ end product following standard HPQ processing¹.
• A further 24 tonne bulk sample comprising crushed quartz rock has been shipped to China for processing, metallurgical test work, and assessment by potential offtake partners.

Figure 1: IND Pippingarra Quarry Project location and infrastructure.

In October 2023, IND announced the agreement of binding terms² with North West Quarries Pty Ltd (NWQ) for an exclusive option to acquire an 80% interest in the non-construction material mineral rights.

Jeff Sweet, Managing Director of Industrial Minerals, commented:

“Following on from one of our potential offtake partners in China achieving a processed High Purity Ǫuartz product grading >SS.SS4% SiO₂, we are extremely positive about the potential to supply Pippingarra quartz into high-end quartz markets.

“The Pippingarra Exploration Target is limited to an area where IND completed RC drilling in late 2023, to the east of the existing open pit. There are several quartz outcrops mapped across the broader Mining Lease area that will also be drilled with the intention to include these untested HPǪ target opportunities in the upcoming Mineral Resource Estimate (MRE) for Pippingarra.

“Our motivation to commence work towards a MRE is to leverage our unique position of having an active mining operation at the Pippingarra Ǫuarry. We believe this will give potential offtake partners the confidence to enter into offtake agreements with IND, knowing that we can rapidly advance to be mine ready and have a suitable mine life to support long term supply needs.”

Maiden High Purity Quartz Exploration Target

Table 1: Pippingarra HPQ Exploration Target range.

The potential quantity and grade of the Exploration Target is conceptual in nature, and there has been insufficient exploration to estimate a Mineral Resource and it is uncertain if further exploration will result in the estimation of a Mineral Resource. The Exploration Target has been prepared and reported in accordance with the 2012 edition of the JORC Code.

The Exploration Target is based upon the Reverse Circulation (RC) Drilling program completed by IND in December 2023. Drilling was conducted on a 50m x 50m spacing. From this, holes INRC003 – INRC009 recorded thicknesses of white crystalline quartz over widths from 12m to 20m as reported in the Table 2 below.

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