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Carpentaria Exploration Ltd.
Summary
| Project: | Hawsons | |
|---|---|---|
| Deposit: | Hawsons | |
| Location: | Australia | |
| Commodities: | Iron-Silica-Aluminium-Phosphorus-Sulphur | |
| Date: | 7/3/2017 | |
| Report Code: | JORC | |
| Report Type: | Resource Estimation | |
| Project Stage: | Pursuing Pre-Feasibility Study | |
| Report details: | 3-7-2017: Carpentaria Exploration Ltd. announces a Resource Estimation report for its Hawsons deposit at the Hawsons project. Restated resource estimate at a lower 9.5% cut-off grade. ASX:CAP today restates its existing resource as announced on 27 Februar | |
| Resources: | (Resource, I+I): 2500Mt @ 69.7% Fe (13.9% Magnetite mass recovery) at project | |
| CP/QP: | [Resources]: Simon Tear (H&S Consultants Pty Ltd.) | |
| ABSTRACT: | ASX:CAP today restates its existing resource as announced on 27 February 2017, at a lower cut-off grade of 9.5% Davis tube recovery (DTR), down from 10%DTR. The resource estimate is 2.50Bt at 13.9%DTR magnetite recovery for 348Mt of concentrate at 69.7%Fe and 2.81% silica (see Table 1). The estimate represents an increase of 120Mt and an increase in contained concentrate of 12Mt. The lower cut-off grade was determined by GHD using mine optimisation techniques, where key assumptions included a 65%Fe iron ore price of US$70/t (currently US$79.1/t) and processing and logistics estimates based on earlier project engineering studies. The lower cut-off grade allows for a lower strip ratio than otherwise might occur. However, it is expected that the overall strip will not change substantially from that reported earlier of 0.47. Mining studies carried out for the purposes of the prefeasibility study (which the Company expects to release to the market by the end of July 2017) will benefit with approximately 50mt of waste reclassified to ore. The new resource estimates are based on data from the original 2010-11 drilling and the recent 2016 drilling in conjunction with an improved geological model. The Hawsons prospect is situated within folded, upper greenschist facies Neoproterozoic rocks of the Adelaide Fold Belt. The Braemar Facies magnetite ironstone is the host stratigraphy and comprises a series of narrow, strike extensive magnetite-bearing siltstones with a moderate dip (circa 45 degrees). Large areas of the Hawsons prospective stratigraphy are concealed by transported ferricrete and other younger cover. The base of oxidation due to weathering over the prospective horizons is estimated to average 80m in depth. The airborne magnetic data clearly identifies the magnetite siltstones as a series of parallel, narrow, high amplitude magnetic anomalies. Mineralisation consists of fine grained disseminated magnetite with no obvious structural remobilisation or overprint. Sediment porosity as a function of sediment source and depositional environment is considered a major control to mineralisation and hence to grade continuity. | |
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