Flinders Mines increases Eagle deposit Indicated Resource

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THE DRILL SERGEANT: Flinders Mines (ASX: FMS) has released an update to the Mineral Resource for the Eagle deposit within the company’s wholly-owned Pilbara iron ore project (PIOP) in the Pilbara region of Western Australia.

 

Location of the Eagle deposit within the broader Pilbara iron ore project (PIOP). Source: Company announcement

 

The updated total Mineral Resource for the Eagle deposit is 295 million tonnes (Mt) at 54.8 per cent iron based on a +50 per cent iron cut-off.

The update consists of an increase in the Indicated Mineral Resource to 291.4Mt at 54.8 per cent iron and an Inferred Mineral Resource of 3.6Mt at 53.9 per cent iron.

The Mineral Resource is comprised of:

44.2Mt of Bedded Iron Deposit (BID) at 55.6 per cent iron;

120.6Mt of Detrital Iron Deposit (DID) at 55.2 per cent iron; and

130.2Mt of Channel Iron Deposit (CID) at 54.2 per cent iron.

“The majority of the Eagle Mineral Resource is now Indicated and is defined by areas with a nominal drill spacing of 100 by 125 metres,” Flinders Mines said in its ASX announcement.

“The small proportion of Inferred Mineral Resource is located peripheral to the Indicated Mineral Resource in areas where drill spacing is nominally 100 by 500 metres.”

The previous Mineral Resource for the Eagle deposit was 293.5Mt at 54.4 per cent iron.

Flinders explained infill drilling it has undertaken this year was designed to increase the company’s confidence of the resource to at least the Indicated category rather than to increase the overall size of the resource.

“This is an important step in ensuring bankability of the mineable PIOP resource base,” Flinders said.

“This Mineral Resource update, when combined with those of the other deposits across the PIOP in coming months, will culminate in an update to the PIOP global resource and will be integrated into the Bankable Feasibility Study, currently due for completion by the end of June 2015.

“The updated Eagle Mineral Resource Estimate…further underpins the company’s confidence in progressing the development of the Pilbara iron ore project.”

Email: info@flindersmines.com

Website: www.flindersmines.com