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BC Iron Ltd.
Summary
| Project: | Iron Valley | |
|---|---|---|
| Deposit: | Iron Valley | |
| Location: | Australia | |
| Commodities: | Iron | |
| Date: | 8/30/2016 | |
| Report Code: | JORC | |
| Report Type: | Resource Estimation | |
| Project Stage: | Active Mining & Production | |
| Report details: | 30-8-2016: BC Iron Ltd. announces a Resource Estimation report for its Iron Valley deposit at the Iron Valley project. Updated mineral resources and ore reserves. BC Iron Limited (ASX:BCI) (“BC Iron” or “the Company”) is pleased to report Mineral Resource | |
| Resources: | (Reserve, P+P): 123.2Mt @ 58.8% Fe | |
| CP/QP: | [Resources]: Lynn Widenbar (Widenbar and Associates Pty Ltd.) | |
| ABSTRACT: | BC Iron Limited (ASX:BCI) (“BC Iron” or “the Company”) is pleased to report Mineral Resources and Ore Reserves as at 30 June 2016. The Company has a substantial Mineral Resource and Ore Reserves base across a portfolio of operating and development projects in the Pilbara region of Western Australia. Iron Valley Mineral Resources are 238.7Mt and Ore Reserves are 123.2Mt, with ongoing mining activities accounting for the year on year reductions of 8.1Mt and 6.7Mt respectively. These Ore Reserve tonnages support the potential for a long life operation under the royalty-type agreement with operator, Mineral Resources Limited (ASX:MIN). Iron Valley is 100% owned by BC Iron and is being operated by Mineral Resources Limited (“MRL”) under a royalty-type agreement. MRL operates the mine at its cost and purchases Iron Valley product from BC Iron at a price linked to MRL’s realised sale price. Ore Reserves and Mineral Resources for Iron Valley as at 30 June 2016 are presented below. The estimates were prepared by MRL in accordance with JORC (2012) guidelines. Suitably qualified BC Iron personnel have reviewed the documentation and are comfortable with the methodologies used for the estimates. | |
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