THE BOURSE WHISPERER: Royal Resources has increased the JORC-compliant Resource at the Razorback Ridge Area, situated within the Red Dragon project, which forms part of the company’s Razorback iron ore project in South Australia.
The resource for Razorback Ridge now stands at 845 million tonnes at 23.0 per cent iron.
Total JORC-compliant Mineral Resource from Razorback Ridge, Razorback West and Interzone. Source: Company announcement
The company also recently announced a maiden Inferred JORC-compliant Resource at Ironback Hill, which brings the total Resource inventory for the Razorback iron project to 1,522 Million tonnes at 23.3 per cent iron.
Royal explained that the Mineral Resource estimate does not use an iron grade cut-off, as the mineralised zones are stratigraphically confined.
Application of an iron grade cut-off of 26 per cent iron produces a global high grade Mineral Resource of 437 million tonnes at 30.0 per cent iron.
Total JORC-compliant Mineral Resource inventory in the Razorback
Iron Project. Razorback Ridge comprises resources from Razorback Ridge,
Razorback West and Interzone. Source: Company announcement
The company said that although resource drilling had concluded on both the Red Dragon project and the Ironback Hill deposit, which make up the Razorback Iron project, there are still a number of assays yet to be completed.
“The need to update the pit optimisation work that will support the Pre-Feasibility Study has led to interim resource updates which Royal is happy to announce to the market to keep it fully informed,” Royal Resources said in its ASX announcement.
“Delays being experienced will likely delay the issue of the PFS, originally scheduled for the end of June.”