THE BOURSE WHISPERER: Venture Minerals (ASX: VMS) has upgraded the Resources at the company’s Riley iron ore project in Tasmania.
Venture Minerals announced the upgrade as part of the ongoing iron ore mining study underway at the Riley project that has updated the JORC Code 2004 maiden resource statement of 2 million tonnes at 57 per cent iron to meet the guidelines of the JORC Code 2012.
The company indicated the upgrade coincides with release of the tender documents to be released this coming week to contractors for the mining, processing and haulage components of the Riley DSO project, from which the resultant prices will be used in the updating of the mining study.
Venture said that as part of the mining study update, the Riley ore reserves will also be upgraded to JORC Code 2012 so that a decision to recommence mining can be made at the earliest opportunity by the Board.
Following a favourable study outcome and a decision to mine, Venture’s goal is to commence iron ore production in Q4 2019.
“The resource upgrade and the imminent release of the tender documents for the three main contracts of the Riley Mine are significant steps towards completing the updated mining study,” Venture Minerals managing director Andrew Radonjic said in the company’s announcement to the Australian Securities Exchange.
The Roadhouse caught up with Andrew Radonjic at the 2019 Gold Coast Investment Showcase