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Mount Gibson Iron Ltd.
Summary
| Project: | Koolan Island | |
|---|---|---|
| Deposit: | Koolan Island | |
| Location: | Australia | |
| Commodities: | Iron-Silica-Aluminium-Phosphorus | |
| Date: | 10/5/2017 | |
| Report Code: | JORC | |
| Report Type: | Resource Estimation | |
| Project Stage: | Active Mining & Production | |
| Report details: | 5-10-2017: Mount Gibson Iron Ltd. announces a Resource Estimation report for its Koolan Island deposit at the Koolan Island project. Annual mineral resource and ore reserve statement for Koolan Island. This statement details the Mineral Resource and Ore R | |
| Resources: | (Reserve, P+P): 12.82Mt @ 66.02% Fe, 3.71% SiO2, 0.93% Al2O3 at project | |
| 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 2017. Mount Gibson has total Mineral Resources of 87.9 million tonnes of iron ore at an average grade of 61.4% Fe (30 June 2016: 89.5Mt @ 61.4% Fe), while Ore Reserves have increased to 12.8Mt at 66.0% Fe (30 June 2016: 1.2Mt @ 58.0% Fe). (Refer Tables A and B). Mount Gibson Chief Executive Officer Jim Beyer said: “In a market increasingly favouring higher grade products, Mount Gibson’s Mineral Resources and Ore Reserves statement underlines the quality of its flagship mining assets at Iron Hill and Koolan Island, both of which were approved for development during the year. “Iron Hill, from which sales commenced in June, extends the life of the Company’s Mid West operations until the end of 2018, and provides an important bridge to the targeted commencement of production at Koolan Island. “Approval of the Koolan Island Restart Project in April 2017 was also a critical milestone for Mount Gibson, extending the operational life of our existing assets into the next decade. When sales commence in early 2019, Mount Gibson will become the highest grade direct shipping hematite iron ore exporter in Australia. Growing customer preference for high grade ores, particularly in China, further bolsters the already compelling financial metrics of this Project and the significant value it can deliver for Mount Gibson shareholders.” | |
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