Flinders takes PIOP Resource to over one billion tonnes

THE DRILL SERGEANT: Flinders Mines (ASX: FMS) has increased the Mineral Resources at the company’s Pilbara iron ore project (PIOP) to in excess of 1 Billion tonnes.

The upgrade is a result of increases in the Mineral Resource estimates for the Delta, Paragon and Badger deposits.

The updated Mineral Resource estimate for the Delta deposit is 257.7 million tonnes at 56.4 per cent iron.

The majority (96%) of this Mineral Resource is now in the Indicated or Measured categories.

Infill drilling undertaken throughout 2014 at the Paragon deposit has resulted in an updated Mineral Resource estimate of 37.1 million tonnes at 56.9 per cent iron.

Flinders said the majority of this Mineral Resource is also now in the Indicated category.

The updated Mineral Resource estimate for the Badger deposit is 11.3 million tonnes at 57 per cent iron.

The total Mineral Resource estimate for the PIOP now stands at 1,040 million tonnes at 55.6 per cent iron.

 

Pilbara Iron Ore Project Measured, Indicated and Inferred Mineral Resource summary. Source: Company announcement

 

“Significantly, 84 per cent of the total Mineral Resource is reported in the Indicated or Measured categories,” Flinders Mines said in its ASX announcement.

“This will form the basis for further mine planning and optimisation studies as part of the ongoing Bankable Feasibility Study.”

Although the majority of this total Mineral Resource is reported to JORC 2012 standards, Flinders indicated the Ajax deposit and the Anvil tenement deposits have been reported to JORC 2004 standards.

The company explained the Ajax deposit is in the process of being updated to JORC 2012 after recent infill drilling but the Anvil deposits have not been updated on the basis that the information available has not materially changed since it was reported in November 2011.

Email: info@flindersmines.com

Website: www.flindersmines.com