Tivan Limited (ASX:TVN) Commences Major Drilling Program at Speewah Fluorite Project
Drilling Program Commenced
Tivan Limited has initiated a major 35,000m drilling program at its Speewah Fluorite Project in Western Australia. The program includes up to 335 drill holes for infill, extension, exploration, metallurgical, geotechnical, and hydrological purposes.
Project Overview
The Speewah Fluorite Project hosts a JORC compliant Indicated and Inferred Resource of 37.3 million tonnes at 9.1% CaF₂, including a high-grade component of 8.6 million tonnes at 22.8% CaF₂. The project is poised to produce acid-grade fluorspar for global export markets.
Funding and Support
The $5 million budgeted drilling program is funded through $14 million raised by Tivan and increased investment from Sumitomo Corporation, the joint venture partner. The first tranche of Sumitomo Corporation’s investment in the Joint Venture was also increased from $5 million to $5.3 million for the initial 7.5% share to reflect an expanded drilling program.
The program’s funding includes a $7.4 million grant from the IPCM program.
Project Schedule
The drilling is scheduled to complete in September 2025, with feasibility studies adjusted to support a Final Investment Decision in August 2026.
Executive Comments
Mr Grant Wilson, Executive Chairman, stated, “We are very pleased to be commencing works at Speewah for 2025. Our geology team has put a lot of careful work into developing the program and are looking forward to the season in the field. We extend thanks to EHSIS, for their ongoing professionalism and logistical support in securing the cultural heritage clearances.
The program has been designed to deliver a significant uplift in the quality and size of the Speewah Fluorite Resource, and to further advance engineering and environmental studies, supporting the progress that has been made with project finance and the achievement of Final Investment Decision next year. It is also an example of the collaborative relationship between Tivan and Sumitomo Corporation, working in partnership to advance the Project to delivery.”
Motley Fool contributor Lianne Eastty has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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