Mayur Resources Limited reported positive results following the completion of a preliminary level roasting test program for its Orokolo Bay Project located in Gulf Province, Papua New Guinea. The material used for the roasting test work originated from bulk sample pits (Pit 1, Pit 3, Pit 4, and Pit 5) taken at Orokolo Bay (EL2305). This material was then homogenized and transported to IHC Mining and Roundhill Engineering for metallurgical test work.

Ilmenite is a one of the most commonly found and abundant forms of titanium ore in the world and is predominantly produced from Mineral Sand mining operations. Ilmenite, being a titanium oxide mineral, is used to produce high-performance metal alloys commonly used in the aerospace and aviation industry, the medical industry for surgical tools & implants, and for other high-performance products such as sporting equipment and the automotive industry. Ilmenite is also an important feedstock to produce titanium dioxide pigments which are commonly used as pigment in whitening paper, paints, toothpaste, adhesive, plastic, foods and nanotechnologies.

The Ilmenite spot price on 14th of November 2022 is US$278 and is based on long-term consensus pricing from Bell Potter (54% TiO2, FOB Australia). Bureau Veritas performed mineralogical testing on the dry mill magnetic concentrate which demonstrated the sample to contain 19.2wt% of Ilmenite grade grains defined as minerals containing TiO2 between 40% to 60%. Subsequent roasting test work completed by Roundhill Engineering and metallurgical processing completed by IHC Mining successfully upgraded the dry mill magnetic concentrate into a marketable ilmenite product with ~40% TiO2 grade.

The results from this work are encouraging and will be used to inform and optimise the downstream processing through further testing.