Industrial Minerals Ltd. announced results from the maiden Mineral Resource Estimate (MRE) for its Stockyard High Purity Silica Sand (HPSS) Project in Western Australia. The Stockyard Silica Sand Project (Stockyard) Mineral Resource Estimate (MRE) was completed in accordance with the JORC Code, 2012 Edition by leading detrital-minerals-focused consultancy, Placer Consulting (Placer). The Total Mineral Resource Estimate for Stockyard is 9.6 million tonnes at 98.9% SiO2, which contains Indicated Resources of 4.0 million tonnes at 98.8% SiO2 and Inferred Resources of 5.6 million tonnes at 98.9% SiO2.

Importantly, the Mineral Resource contained within the Stockyard granted Mining Lease totals 1.9 million tonnes at 98.8% SiO2 and is classified entirely as Indicated. The MRE comprises 30 silica sand bodies extending over an area approximately 14km EW by 14km NS. The resource includes intervals logged as predominantly white sand, with yellow sand and lateritic material excluded from the mineralisation wireframes.

Resource wireframes were created based on geological logging and adjusted where required, according to chemical analysis results. Drill data spacing is nominally 50m NS by 50m EW, however the south-eastern region of the MRE is drilled more broadly at a 100m NS by 100m EW spacing. Drill hole samples were generally composited in their entirety and average 0.74m down hole for the resource dataset.

Drillholes are orientated vertically to penetrate the sub-horizontal mineralisation orthogonally. The silica sand deposits are randomly arranged as a result of the mode of transport and depositional environment. No global trends were identified; hence an isotropic search was applied to the interpolation.

Inverse Distance (power 4; ID4) was applied for interpolation of assay fields, with each element (SiO2, Fe2O3, Al2O3, TiO2) interpolated using the same search parameters (ID4 method). Three search volumes were utilised to populate the model with a minimum of 2 and a maximum of 20 samples allowable in any search population. Search distances of 75m*75m*10m and 150m*150m*50m, in X, Y and Z, were used for the ID4 interpolation.

A multiplication of the search volume by a factor of 3 and 5 were used for the second and third search.