THE BOURSE WHISPERER: Mutiny Gold (ASX: MYG) has announced a maiden JORC-compliant Inferred resource for the Rocksteady iron project, located within the company’s Gullewa tenement package in the Murchison Region of Western Australia.
An independent assessment of historic drilling and exploration undertaken at Rocksteady has been correlated to formulate an initial JORC Resource for the Rocksteady iron project of 650,000 tonnes at 54 per cent iron.
“While a Deflector gold–copper mine is our key project, we have a multi-mine strategy which encompasses the development of additional gold and iron mines,” Mutiny Gold managing director John Greeve said in the company’s announcement to the Australian Securities Exchange.
“An immediate opportunity has been identified at the historic Rocksteady iron field and Mutiny is focused on bringing it into production and in generating early cash flow.
“We have also identified extensions of Rocksteady that may increase the resource base.
“Our Gullewa tenements contain vast mineral wealth including 170 kilometres of un-explored banded iron formation.
“Rocksteady may potentially be just one of several iron deposits to be commercially developed.”
Mutiny Gold has also generated exploration targets to test the full strike extent contained within the Rocksteady mining lease, which the company intends to follow up with future drill programs.
An exploration target of between 1.5 million tonnes and 4.5 million tonnes of hematite iron has been identified.