Iluka Resources Limited has announced a further heavy minerals discovery in the Murray Basin in New South Wales.
The Endeavour deposit is located 35 km north of the town of Balranald and nine km east of the Iluka-owned West Balranald deposit.
According to the company, the deposit is approximately 12 km long, between 80 and 100 metres wide, 4 to seven 7 metres thick and is located underneath 60 to 71 metres of sedimentary overburden.
The new deposit represents the success of Iluka’s continued regional minerals search, Iluka’s exploration and technical services general manager Peter Benjamin said.
“The Endeavour deposit, as with the Nepean deposit announced in February 2008 and the Minsk discovery in September 2007, represents the successful application of Iluka’s regional exploration strategy over its extensive Murray Basin tenements,” he said.
The new find, along with others in the Murray Basin, will allow the company to significantly add to its resource inventory, Benjamin said.
“Iluka plans to expend approximately half of its 2009 Murray Basin exploration budget, or approximately 20% of its total 2009 exploration budget, on further greenfields exploration and work to further delineate discoveries,” he said.