UK-based Capital Metals mulls upgrade of Sri Lanka site resource estimate

London-based 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, a press release said.

The Eastern Minerals Project is located in the Eastern Province of Sri Lanka, approximately 220 km east of Colombo. The project currently has a JORC Resource of 17.2Mt with an average grade of 17.6% total heavy minerals, making it one of the highest-grade deposits in the global peer group.

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 a wider area of the project. High-grade will reduce capital expenditure as it means less material needs to be mined and processed.