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Magnetite Mines Ltd.
Summary
| Project: | Razorback | |
|---|---|---|
| Deposit: | Ironback Hill | |
| Location: | Australia | |
| Commodities: | Iron-Aluminium-Silica-Phosphorus | |
| Date: | 11/20/2018 | |
| Report Code: | JORC | |
| Report Type: | Resource Estimation | |
| Project Stage: | Pursuing Feasibility Study | |
| Report details: | 20-11-2018: Magnetite Mines Ltd. announces a Resource Estimation report for its Ironback Hill deposit at the Razorback project. Updated mineral resource estimate at the project. Magnetite Mines Limited (ASX: MGT)(the Company) is pleased to announce the up | |
| Resources: | (Resource, Inf.): 1.187Bt @ 23.2% Fe, 44.1% SiO2, 7.2% Al2O3 | |
| CP/QP: | [Resources]: Lynn Widenbar (Widenbar and Associates Pty Ltd.) | |
| ABSTRACT: | Magnetite Mines Limited (ASX: MGT)(the Company) is pleased to announce the updated Mineral Resource Estimate of the Ironback Hill Deposit in accordance with the JORC 2012 Code and Guidelines. This JORC 2012 upgrade replaces the previous JORC 2004 estimates and represents an important progression towards the compliance with the mandatory system for the calculation of Mineral Resources. The Ironback Hill resource tonnage and resource categorisation remains unchanged at 1.2 billion tonnes at 23.2% Fe JORC 2012 Inferred category and no material changes to the resource have been made as part of the JORC 2012 upgrade. This JORC update of the Ironback Hill JORC 2012 Mineral Estimate follows the Company’s recent Razorback Iron Project JORC 2012 update (see ASX Release - 12 November 2018) and completes the update of our iron ore assets to JORC 2012 standards. Combining the Razorback Iron Project (JORC 2012) and Ironback Hill (JORC 2012) Resource estimates, the Company’s total Mineral Resources inventory in the Braemar Region stands at 3.9 billion tonnes at 19.7% Fe head grade. A summary of the new Mineral Resource as completed by independent consultant resource geologist Mr Lynn Widenbar of Widenbar and Associates Pty Ltd is shown below in Table 1, and a full report is appended to this release. | |
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