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Legacy Iron Ore Ltd.
Summary
| Project: | Mt Celia | |
|---|---|---|
| Deposit: | Mt Celia | |
| Location: | Australia | |
| Commodities: | Gold | |
| Date: | 10/15/2018 | |
| Report Code: | JORC | |
| Report Type: | Optimisation Study | |
| Project Stage: | Pursuing Resource Increase/Upgrade | |
| Report details: | 15-10-2018: Legacy Iron Ore Ltd. announces a Optimisation Study report for its Mt Celia deposit at the Mt Celia project. Positive outcome from pit optimization study. Legacy Iron Ore Limited (Legacy Iron or the Company) is pleased to announce that it has | |
| Resources: | (Resource, Inf.): 3.407Mt @ 1.68g/t Au for 184.1Koz Au contained at project | |
| CP/QP: | [Resources]: Rodney Brown (SRK Consulting (Australasia) Pty Ltd.) | |
| ABSTRACT: | Legacy Iron Ore Limited (Legacy Iron or the Company) is pleased to announce that it has taken the next step in its aspiration to be a gold producer following encouraging results from the pit optimisation study completed for Mt Celia deposits (Figure 1). The Company has a current 2012 JORC inferred resource at the Mt Celia Project (Kangaroo Bore and Blue Peter as shown in Table 1 and Figure 1: The study was undertaken by AMC Consulting using Whittle Four-X software and was completed using the Table 1 inferred resource and a base case gold price of A$1,650/oz. AMC Consulting prepared models by adding cost, recovery, royalty and revenue drivers to individual blocks within the models using Datamine macros. This process provides an audit trail and reduces errors in assigning optimisation parameters. Royalties, administration charges, ore processing costs and other ore related costs were all aggregated to create a total ore related cost which was assigned to ore blocks. Mining costs common to all material types were assigned to all model blocks. Parameters from the inferred resource exploration drilling work were used in the study. A total of 207 drill holes including 24 diamond holes (totaling 15,099 m of drilling) were considered for use in the Kangaroo Bore estimates. Majority of the data used for resource estimation was derived from historical drilling. For Blue Peter, A total of 122 RC holes (totalling 9,356 m of drilling) were considered for use in the estimates. The majority of the data used for Blue Pater resource estimation was derived from drilling programmes conducted by Legacy since the start of 2010. | |
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