THE BOURSE WHISPERER: Pluton Resources (ASX:PLV) has announced an initial JORC Code-compliant Mineral Resource and Ore Reserve statement for the company’s 100 per cent-owned Cockatoo Island iron ore project in Western Australia.
Highlights of the statement include:
– Seawall Hematite Member Indicated Mineral Resource of 3.9 million tonnes (Mt) at 68.8 per cent iron (at a minimum 65.5 per cent iron cut-off grade);
– Seawall Hematite Member Inferred Mineral Resource of 3.9 Mt at 68.5 per cent iron (at a minimum 65.5per cent iron cut-off grade);
– Cockatoo Island Highwall Inferred Mineral Resource of 3.0 Mt at 60 per cent iron (no cut-off grade applied);
– The global Indicated and Inferred Mineral Resource tonnes reported in accordance with the JORC Code and exclusive of the Stage 4 Probable Ore Reserve stands at 10.8 Mt; and
– The Stage 4 Probable Ore Reserve remains at 1.2Mt at 68.5 per cent iron. The Probable Ore Reserve tonnes are in addition to the Indicated and Inferred Mineral Resources outlined above.
Source: Company announcement
“It is very pleasing for Pluton to commence life as an iron ore producer with reserves and resources on Cockatoo Island totalling 12 million tonnes of direct shipping ore,” Pluton Resources managing director Tony Schoer said in the company’s announcement to the Australian Securities Exchange.
“Now that the transaction has been completed, Pluton is in final preparation stages to commence mining activities on Cockatoo Island from the 1st October.
“The mine plan, budgets and shipping schedule, as well as a work plan to convert resources into reserves, is near completion and details will be announced in due course.
“The statutory stamp duty for the acquisition was paid on the 4th September.
“This initiates the process of assessing the required level of environmental bonds to be lodged to transfer the leases to Pluton.”
Although the bonds are not required to be lodged for Pluton to commence mining, the company indicated it is currently working with potential Joint Venture partner Wise Energy to arrange funding for these bonds and expects to finalise these negotiations later this month.
Pluton said it anticipates it shares to remain in voluntary suspension while it finalises funding for the bonds and additional working capital.