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Centrex Metals Ltd.
Summary
| Project: | Ardmore | |
|---|---|---|
| Deposit: | Ardmore | |
| Location: | Australia | |
| Commodities: | Phosphate | |
| Date: | 2/2/2017 | |
| Report Code: | JORC | |
| Report Type: | Resource Estimation | |
| Project Stage: | Pursuing Resources Definition | |
| Report details: | 2-2-2017: Centrex Metals Ltd. announces a Resource Estimation report for its Ardmore deposit at the Ardmore project. Independent Exploration Target established at recently acquired project. Centrex Metals Limited (“Centrex”) has signed agreements with SCF | |
| Resources: | Exploration Target Range: 12.0 - 16.5Mt @ 28.2% - 29.4% P2O5 | |
| CP/QP: | [Overall Report]: Sharron Sylvester (OreWin Pty Ltd.) | |
| ABSTRACT: | Centrex Metals Limited (“Centrex”) has signed agreements with SCF for the development by Centrex of the Ardmore high-grade phosphate rock project in Northwest Queensland. Ardmore is a smaller high-grade satellite deposit to the Duchess Mine which is located around 70 km east and feeds SCF’s Phosphate Hill ammonium phosphate fertiliser plant, and remains undeveloped. SCF agrees to transfer, subject to necessary regulatory approvals, the Ardmore Mining Lease to Centrex for A$ 5 million, and SCF will retain an interest in the project via a right of first refusal of up to 20% of production (at market prices) as well as a 3% royalty. Ardmore is one of the very few undeveloped high-grade phosphate rock projects in the world, and the deal provides Centrex an opportunity to fast-track development of an advanced asset into revenue generation, that will also support longer term development of its Oxley Potash Project. The Ardmore deposit has 302 historic drill holes completed over the outcropping deposit, with drill spacing down to 20 m by 20 m in some areas. The target phosphorite unit is shallow dipping, with the average depths from surface of the hanging wall and footwall contacts being 8.3 m and 12.0 m respectively based on drilling to date, indicating favourable shallow open-cut mining operations. From historical bulk sample excavations at the site down to 10 m using a D9 dozer, the mined material is expected to be “free-dig” without the need for drill and blast. An Independent Exploration Target of 12.0 to 16.5 million tonne at a grade of 28.2% to 29.4 % P2O5 for Ardmore has been established for Centrex. Data verification will commence upon transfer of the Mining Lease to Centrex to convert the Exploration Target to a JORC Resource. This work will include a number of twin holes to confirm the original 1970s dataset, and further infill drilling as required. | |
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