FinnAust Mining: Survey Results from Pituffik Titanium Project

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Survey Results Confirm High Grade Ilmenite Mineralisation Extends into Shallow Marine Environment

FinnAust Mining, the AIM listed exploration company with projects in Greenland, Finland and Austria, has announced results from the bathymetry (depth) and seismic profiling survey as well as the extensive sea floor sampling programme at the Pituffik Titanium Project in Greenland. The initial survey consisted of 300 line kilometres, followed by a further 38 line kilometres of infill and a wide spread sea floor sampling programme.

Highlights

· Results demonstrate that the shallow marine environment hosts very large volumes of potentially high grade titanium
· Hosted within shallow, extensive and thick ilmenite rich sediments extending for >30km in length and 1,000m in width
· The sedimentary horizons are on average more than 5m in thickness (up to a maximum thickness of 27m)
· These results multiply the amount of known titanium mineralisation significantly
· Three sedimentary units identified in total, the two most shallow sequences show visual concentrations of ilmenite, the third or “high stand” sequence wasn’t sampled during 2015 however continues to represent an attractive exploration target even if in slightly deeper water of 20-30m
· Positive results reinforce the stated strategy to deliver a bulk sample/proof of concept production by 2017
· Results from offshore sampling programme over the shallow marine drowned beaches out to 1,000m from shore are expected in the next couple of months
· Following receipt of all results from the 2015 work programme, which includes outstanding sampling results from all three project areas, FinnAust will announce its full 2016 work programme inclusive of indicative timelines for permitting and environmental approval and assessment

FinnAust CEO Roderick McIllree said, “The drowned beaches at Pituffik have always represented to us an exciting low cost production opportunity and it is pleasing that the results received so far from the completed offshore survey support the potential viability of this strategy. The realisation that these potentially high-grade titanium rich sediments extend offshore has changed the calculus in terms of potential resources by an order of magnitude and continues to demonstrate Pituffik is potentially a globally significant high-grade, pure ilmenite play. Pituffik hosts an unusually pure titanium occurrence and with the results from both the offshore and onshore samples expected shortly, we will have better detail on the broader grade potential of these distinct project areas.

“Our commitment to delivering on our promise of near term proof of concept production is strong, demonstrated by the appointment of GEUS to undertake a range of initiatives designed to help us reach our goal of securing off-take agreements during 2016. In the coming months the Company expects to announce additional appointments that will further consolidate this development strategy. This is a positive development for the Company.”

The Geological Survey of Denmark and Greenland was contracted to complete a seafloor bathymetry and boomer profiling survey over the moderate to shallow waters adjacent to the shore at Pituffik. This survey, part of a broader exploration programme, was designed in conjunction with an offshore grab sampling programme, also conducted by GEUS, focused on mapping the offshore sediments and testing for deposits of heavy mineral sands.

The survey was completed along the coast adjacent to the closed settlement of Moriusaq in northwest Greenland. A total of 300km of surveying was completed with the line spacing being between 150m and 250m.

Bathymetric measurements were made with a Navisound 620 and a TC2170 Transducer echo sounder to centimetre accuracy. The raw data was edited and corrections for tidal effects completed creating a bathymetric map. The bathymetric map shows in general that moderate depths of water (30m) are reached at distances of 1km to 2km from shore.

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