Sheffield Resources (ASX: SFX) is one of the resource sector's best emerging situations, with a world-class mineral sands project. The company is one of our most highly-regarded bulk commodity exposures. Its flagship project is its world-class Thunderbird mineral sands project in Western Australia, which hosts a large, high-grade zircon-rich resource - where Sheffield is targeting first commercial production during 2017. Sheffield has advised that infill drilling had identified further high-grade, near-surface mineralisation in the deposit's up-dip section. Scoping Study results released during April 2014 revealed robust project economics, and we now await the release of Pre-Feasibility Study results prior to the end of Q1 2015. Confirmation of higher-grade zones and near-surface mineralisation will improve project pay-back and generate higher returns during the early years of production, with a minimum 32-year project life already defined.