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Mount Gibson Iron Ltd.
Summary
| Project: | Extension Hill | |
|---|---|---|
| Deposit: | Extension Hill, Iron Hill | |
| Location: | Australia | |
| Commodities: | Iron-Silica-Aluminium-Phosphorus | |
| Date: | 8/31/2016 | |
| Report Code: | JORC | |
| Report Type: | Resource Estimation | |
| Project Stage: | Active Mining & Production | |
| Report details: | 31-8-2016: Mount Gibson Iron Ltd. announces a Resource Estimation report for its Extension Hill, Iron Hill deposit at the Extension Hill project. Updated mineral resources for Extension Hill project incl. Iron Hill. This statement details the Mineral Reso | |
| Resources: | (Reserve, P+P): 1.15Mt @ 58.0% Fe, 7.21% SiO2, 2.09% Al2O3, 0.088% P at Extension Hill | |
| CP/QP: | [Resources]: Elizabeth Haren (Internal) | |
| ABSTRACT: | This statement details the Mineral Resource and Ore Reserve estimates of Mount Gibson Iron Limited (Mount Gibson) as at 30 June 2016. Mount Gibson has total Mineral Resources of 89.5 million tonnes of iron ore at an average grade of 61.4% Fe (30 June 2015: 94.9Mt @ 61.2% Fe), while Ore Reserves have reduced to 1.2 million tonnes at 58.0% Fe (30 June 2015: 7.1 million tonnes at 58.4% Fe). (Refer Tables A and B). Mount Gibson Chief Executive Officer Jim Beyer said: “The Mount Gibson Mineral Resource statement details the underlying high grade asset the company holds. This high quality validates the efforts we continue to apply to finalise the Iron Hill permitting and also finding a satisfactory restart option for Koolan Island. “With current mining operations nearing their conclusion, our immediate focus is on capitalising on the very significant high quality hematite resources both at Koolan Island and in the Mid West. “In the Mid West, we are steadily progressing permitting for the Iron Hill deposit, located just 3km from the current Extension Hill open pit, where we aim to commence production in the first half of calendar 2017, subject to receipt of necessary approvals. Iron Hill represents an excellent opportunity to extend production from the Mid West. Similarly, we will continue to monitor market conditions with an eye to the potential development timing of the high grade Shine hematite deposit. Shine represents a ‘ready-to-go’ low-capex development opportunity when more favourable market conditions exist. | |
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