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Magnetite Mines Ltd.
Summary
| Project: | Razorback | |
|---|---|---|
| Deposit: | Razorback | |
| Location: | Australia | |
| Commodities: | Iron-Aluminium-Silica-Phosphorus | |
| Date: | 11/12/2018 | |
| Report Code: | JORC | |
| Report Type: | Resource Estimation | |
| Project Stage: | Pursuing Feasibility Study | |
| Report details: | 12-11-2018: Magnetite Mines Ltd. announces a Resource Estimation report for its Razorback deposit at the Razorback project. Updated mineral resource estimate at the project. Magnetite Mines Limited (ASX: MGT)(the Company) is pleased to announce the update | |
| Resources: | (Resource, I+I): 2732Mt @ 18.2% Fe, 48.1% SiO2, 8.0% 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 Razorback Iron Project 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 Razorback Iron Project resource tonnage and resource categorisation remains unchanged and no material changes to the resource have been made as part of the JORC 2012 upgrade. The Razorback Iron Project which includes the Razorback Ridge and Iron Peak resources is the Company’s flagship project and primary focus as the Company determines the next steps required towards developing this world class asset. 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. The Razorback Ridge and Iron Peak Prospects occur within the Razorback Iron Project (Figure 1), located 244km NNE of Adelaide, South Australia. Drilling of the prospects began in 2010 and was completed in 2012 resulting in several iterations of Mineral Resource estimates over time. Optimisation of the resource occurring through 2013 via geochemical and metallurgical studies including Davis Tube Recovery (DTR) resulted in a JORC 2004 Mineral Resource estimate on which this JORC 2012 Mineral Resource estimate update is based. The drilled resource covers approximately 12km of strike length of the magnetite-rich (iron ore), Neoproterozoic-aged Braemar Iron Formation. The drilling completed represents approximately 36,000m of Reverse Circulation and Diamond Drilling during the 2010 to 2012 period. Based on the deposit economics, an 11% eDTR cut-off grade has been applied. The Razorback Iron Project Resource at various grade cut-offs is shown in Table 2 | |
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