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The latest announcement is out from Pure Resources Limited ( (AU:PR1) ).
Pure Resources Limited has made significant strides in advancing its Reedy Creek Garnet Project, highlighted by the acquisition of a mining license and the discovery of additional garnetiferous outcrops, extending the resource potential from 1.1km to 3.3km. The company’s expedited metallurgical testing has shown promising results with garnet purity up to 93.2%, indicating strong commercial viability. The successful processing tests have de-risked the project and paved the way for delivering garnet products to established markets in Australia, the USA, and Asia. The project’s location on a granted mining lease simplifies its development path and supports Pure’s strategy of establishing a low-cost, high-quality garnet operation.
More about Pure Resources Limited
Pure Resources Limited operates in the industrial minerals industry with a focus on garnet production. The company is engaged in the exploration and development of high-grade garnet deposits, primarily targeting markets in Asia, Australia, and the USA. Their operations are centered around the Reedy Creek Garnet Project in Western Australia, which is strategically located with access to established infrastructure and international markets.
YTD Price Performance: -3.85%
Average Trading Volume: 21,708
Technical Sentiment Consensus Rating: Buy
For a thorough assessment of PR1 stock, go to TipRanks’ Stock Analysis page.
