Sheffield Resources won the Best Emerging Company award at Diggers & Dealers's annual gala dinner last night.
Bruce McQuitty, Sheffield's managing director accepted the award on behalf of the company.
Its chairman Will Burbury said the company was honoured to have received the award.
"This award not only recognises the exceptional exploration success that the company has achieved in a relatively short time frame (since listing on the ASX in December 2010), but also the vision and commitment of our small dedicated team," he said.
Sheffield is undertaking a second drilling campaign at its Thunderbird deposit in the Canning Basin.
According to the company its maiden drilling campaign at the project established Thunderbird as one of the largest and highest grade mineral sands deposits uncovered in the last decade.