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Strike Resources Ltd.
Summary
| Project: | Paulsens East | |
|---|---|---|
| Deposit: | Paulsens East | |
| Location: | Australia | |
| Commodities: | Iron-Silica-Aluminium-Phosphorus-Sulphur | |
| Date: | 7/15/2019 | |
| Report Code: | JORC | |
| Report Type: | Resource Estimation | |
| Project Stage: | Pursuing Resource Increase/Upgrade | |
| Report details: | 15-7-2019: Strike Resources Ltd. announces a Resource Estimation report for its Paulsens East deposit at the Paulsens East project. Initial mineral resource estimate for project. Strike Resources Limited (ASX:SRK) (Strike) is pleased to report a significa | |
| Resources: | (Resource, Inf.): 9.1Mt @ 63.4% Fe, 5.6% SiO2, 3.2% Al2O3 | |
| CP/QP: | [Resources]: Philip Jones (Independent) | |
| ABSTRACT: | Strike Resources Limited (ASX:SRK) (Strike) is pleased to report a significant maiden JORC Inferred Mineral Resource for its Paulsens East Iron Ore Project (Strike:100%) located in the Pilbara, Western Australia of 9.1 Million tonnes at 63.4 % Fe, 5.6% SiO2 and 3.2% Al2O3. The Inferred Mineral Resource estimate is based upon data derived from two drilling campaigns undertaken by Strike (comprising a total of 66 reverse circulation (RC) holes for 3,537 metres drilled) together with an extensive rock chip sampling programme. A key feature of the Paulsens East Mineral Resource is an approximately 3 kilometre-long ridge of outcropping hematite conglomerate which extends up to 60 metres above the surrounding terrain (refer Figures 1 and 5). It is estimated that the outcropping portion contains approximately 2 million tonnes of high grade 62% Fe potential DSO material that may be able to be mined with minimal overburden. Such an operation could be undertaken relatively simply using shovels and trucks, with the material then to be crushed and screened on site prior to transport by road to a suitable port facility for export. Strike Managing Director, William Johnson: “This Maiden JORC Inferred Mineral Resource for Paulsens East confirms the presence of a well-located significant occurrence of high-grade potentially direct shipping iron ore. We believe we can fast-track this asset to development in the next 6 to 9 months and generate potential significant cash flow in this strong iron ore price environment. At the same time, Strike is also closely looking at ways to generate some additional near term cashflow and value from its iron ore assets in Peru and will update the market on this in due course.” | |
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