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Mount Gibson Iron Ltd.
Summary
| Project: | Koolan Island | |
|---|---|---|
| Deposit: | Koolan Island | |
| Location: | Australia | |
| Commodities: | Iron-Silica-Aluminium-Phosphorus | |
| Date: | 8/31/2016 | |
| Report Code: | JORC | |
| Report Type: | Resource Estimation | |
| Project Stage: | Mine in Care & Maintenance | |
| Report details: | 31-8-2016: Mount Gibson Iron Ltd. announces a Resource Estimation report for its Koolan Island deposit at the Koolan Island project. Updated mineral resources for Koolan Island project. This statement details the Mineral Resource and Ore Reserve estimates | |
| Resources: | (Resource, Total): 60.51Mt @ 63.0% Fe, 8.38% SiO2, 0.82% Al2O3, 0.015% P | |
| 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. “At Koolan Island, we have committed $1.5 million for detailed seawall design work and mine planning to step up our evaluation of the potential to reinstate the seawall and resume production from the high-grade Main Pit deposit. Given the high quality, high-grade nature of the Main Pit deposit, and our existing operational infrastructure at Koolan Island, we are very excited by the long term premium-quality production potential that Koolan Island offers.” | |
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