THE BOURSE WHISPERER: Equatorial Resources (ASX: EQX) has defined a 767 million tonne maiden Mineral Resource Estimate (MRE) for the company’s 100 per cent-owned Mayoko-Moussondji iron project located in the south-west of the Republic of Congo.
The total MRE of 767 million tonnes at 31.9 per cent iron comprises an Indicated and Inferred Hematite Resource component of 102 million tonnes at 40.6 per cent iron and an Indicated and Inferred Magnetite Resource component of 665 million tonnes of Fresh Magnetite Banded Iron Formation (BIF) at 30.6 per cent iron.
Equatorial explained the Hematite Resource to be made up of the three ore types it has identified at Mayoko-Moussondji: Colluvial Hematite, Friable Hematite, and Hard Hematite.
Summary of Maiden Mineral Resource Estimate – Indicated and Inferred. Source: Company announcement
Based on the metallurgical test work it has completed to date Equatorial said it expects the hematite material will produce premium lump and fines iron products grading above 63 per cent iron with low impurities.
The company anticipates using the maiden Hematite Resource as the initial resource base for a Scoping Study as well as for on-going feasibility studies focused on early production from Mayoko-
“The maiden JORC Resource for Mayoko-Moussondji is a significant milestone for Equatorial,” Equatorial resources managing director and CEO John Welborn said in the company’s announcement to the Australian Securities Exchange.
“The Hematite Resource of more than 100 million tonnes represents a large inventory of upgradeable material that we are targeting to deliver premium iron products to global markets using the existing railway and port which service the project.
“The maiden resource is the result of excellent work by our technical team and will immediately be incorporated into the Scoping Study which we expect to be completed by mid-year.
“The total resource of 767 million tonnes, with substantial opportunity for further growth, clearly demonstrates the scale and long term potential of the project.”