THE BOURSE WHISPERER: Radar Iron has announced a maiden Mineral Resource for the Muldoon prospect, situated at the company’s Johnston Range iron ore project in Western Australia.
Recently-completed modelling and mineral resource estimation has resulted in a JORC Code-compatible Inferred Mineral Resource at a 55 per cent iron cut-off grade of 2.1 million tonnes at 57.6 per cent iron.
At lower cut-off grades the mineralisation inventory exceeds 3 million tonnes at 56 per cent iron.
Radar said it had identified the Johnson Range area to hold potential to host numerous hematite enriched deposits of similar size and grade.
Project area. Source: Company announcement
The company now intends to progressively test these zones during 2012 with the aim of delineating additional resources at the project.
The Johnston Range is a major focus for Radar as the company confidence it its potential for hematite mineralisation grow.
Radar said its strategy is starting to create investor interest within the wider industry in Asia.
“Drilling to date has only tested the more obvious targets at Johnston Range,” Radar Iron managing director Jonathan Lea said in the company’s announcement to the Australian Securities Exchange.
“The presence of multiple hematite enriched BIF bands is very exciting for the company as extensive potential hematite targets are yet to be drill tested.”
Radar said the mineralisation at Muldoon is at or near surface, which means extraction through shallow open pit mining may be possible.
The company is envisaging a relatively low cost mining and crushing operation that may result in a period of campaign mining that will be followed by crushing to minimise the need for extensive site infrastructure.