Flinders increases Champion Resource

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THE DRILL SERGEANT: Flinders Mines (ASX: FMS) has updated the Mineral Resource at the Champion deposit at the company’s wholly-owned Pilbara Iron Ore Project (PIOP) in the Pilbara region of Western Australia.

Flinders completed an infill drilling program at the PIOP this year, which included a substantial amount of new drilling at the Champion deposit.

 

Location of the Champion deposit within the broader Pilbara Iron Ore Project (PIOP). Source: Company announcement

 

Based on the results of this drilling, the updated Mineral Resource for the Champion deposit is 202.1 million tonnes at 55.7 per cent iron, using a +50 per cent iron cut-off.

A healthy proportion of this Mineral Resource is now in the Indicated category – 199.5 million tonnes at 55.7 per cent iron.

The Mineral Resource is comprised of 48.4Mt of Bedded Iron Deposit (BID) at 55.9 per cent iron, 133.7Mt of Detrital Iron Deposit (DID) at 55.8 per cent iron and 20Mt of Channel Iron Deposit (CID) at 54.9 per cent iron.

The previous Mineral Resource for the Champion deposit was 173.5Mt at 55.3 per cent iron, which means the updated resource represents an increase of 28.6Mt.

Flinders explained the increase is due to the discovery of predominantly high quality DID and BID mineralisation via infill drilling undertaken in the central part of the deposit, which was undertaken this year to increase the confidence of the resource to the Indicated category rather than to increase the overall size of the resource.

The company said the increase, together with recent positive drilling results from the Blackjack and Paragon deposits, highlight the importance of its ongoing exploration and the potential for further mineralisation to be identified.

The company indicated it would combine this Mineral Resource update with the other deposits across the PIOP in coming months, which it anticipates will culminate in an update to the PIOP global resource to be integrated into the Bankable Feasibility Study, currently due for completion by the end of June 2015.

Email: info@flindersmines.com

Website: www.flindersmines.com