THE BOURSE WHISPERER: Iron Road has announced resource upgrade at the company’s 100 per cent-owned Central Eyre iron project (CEIP) in South Australia.
Iron Road has increased the Mineral Resources at CEIP from 1.33 billion tonnes to 2.10 billion tonnes, with 1.11 billion tonnes in the Indicated category.
The upgrade comes as part of an ongoing Mineral Resource expansion program at the Murphy South deposit.
Stage VI expansion drilling carried out by Iron Road at CEIP has added 770 million tonnes to the existing JORC Code compliant 1.01 billion tonne Mineral Resource estimate report for Murphy South for a total of 1.78 billion tonnes.
Iron Road said the Stage VI Mineral Resource estimate of 770Mt at 16.1 per cent iron compares favourably to the exploration target previously disclosed by the company for the program of 500-800Mt magnetite gneiss with a grade of 16 per cent to 18per cent iron.
The company said it considers the establishment of over two billion tonnes in Mineral Resources at CEIP demonstrates the project to have the necessary size and scale of resource to underpin the capital required for a potential long life initial 12.4 million tonnes per annum high-grade iron concentrate export operation in concert with the development of associated export infrastructure.
“The amount of iron resource at CEIP is now more than sufficient to underpin a long life project – having adequate resources is now a resolved challenge for the project,” Iron Road managing director Andrew Stocks said in the company’s announcement to the Australian Securities Exchange.
“We will continue to add Resources from ongoing drilling program, but the key tasks ahead for the company are now delivering the Definitive Feasibility Study currently underway, as well securing long term funding for the project.”