THE DRILL SERGEANT: Royal Resources has announced a maiden JORC-compliant Inferred Resource at the Ironback Hill prospect, situated within the Pualco project, which is part of the company’s Razorback iron ore project north of Adelaide in South Australia.
The new Resource at Ironback stands at 677 Million tonnes at 23.6 per cent iron.
The result has increased the total Resource inventory for the Razorback project to 1,246 million tonnes at 24.4 per cent iron.
Razorback Iron Project and prospect locations. Source: Company announcement
“The maiden resource at Ironback Hill has realised Royal’s strategic plan to define two standalone magnetite deposits,” Royal Resources managing director Marcus Flis said in the company’s announcement to the Australian Securities Exchange.
“Resource definition drilling is now completed and a final global resource will be estimated once all assay results are in.
“We will then be moving on to project development as soon as a suitable partner is found.”
According to Royal Resources the maiden Inferred Resource at the Ironback Hill prospect Resource represents a drilled area of approximately nine kilometres strike length of the Braemar Iron Formation.
The Resource was calculated from 37 drill holes from a total of 61 by the company as part of resource definition it is carrying out at Ironback Hill and anticipates completing by the end of second quarter 2012.
Already completed deeper diamond drilling is still to be added into the resource estimate that Royal expects will provide substantially more tonnage.
The company is also conducting Davis Tube Recovery work in order to determine magnetite recovery with initial results producing concentrates of up to 70.85 per cent iron.