THE BOURSE WHISPERER: Mount Ridley Mines (ASX: MRD) has picked up 100 per cent interest in the Weld Range West iron project, located in the Mid-West region of Western Australia.
The Mt Weld West project is located northeast of Geraldton, in an area well known for its banded iron formation (BIF) and iron deposits.
The bulk of the Weld Range is held by SinoSteel, which is looking to mine two deposits, Beebyn and Madoonga.
The Madoonga deposit is in the Madoonga Formation, 12 kilometres north east from Mt Ridley’s project.
Others in the region include Fenix Resources, which is currently advancing an approximately 10 million tonnes Direct Shipping Ore (DSO) operation at its Iron Ridge project, from which first shipments are anticipated early CY 2021.
Mount Ridley chairman Peter Christie noted the substantial resources of Iron Ore that have been defined by Sinosteel and Fenix, adding that detailed drilling is yet to test iron targets within Mount Ridley’s ground.
“A review of previous work by earlier explorers has provided Mount Ridley with walk-up drill targets for possible high-grade haematite and goethite ore initially in the Wilgie Mia Formation directly along strike from known iron deposits,” Christie said in the company’s announcement to the Australian Securities Exchange.
The Weld Range West Iron Project area comprises three granted exploration licences that cover a total area of approximately 76 square kilometres.
Native Title has been partially determined in favour of the Wajarri Yamatji people.
A working Heritage Protection Agreement is currently in place, which will be assigned to the company at completion of the acquisition.