Equatorial declares maiden resource in Congo
PERTH (miningweekly.com) - ASX-listed Equatorial Resources has declared an initial Joint Ore Reserves Committee- (Jorc-) complaint resource of 767-million tons, grading 31.9% iron, at its Mayoko-Mousssondji project, in the Republic of Congo.
The mineral resource estimate included a hematite component of 102-million tons, grading 40.5% iron, and a magnetite resource of 665-million tons, at 30.6% iron.
Equatorial said on Monday that the maiden hematite resource would be used as the initial resource base for the company’s scoping study and ongoing feasibility studies, focused on early production from Mayoko-Moussondji, using the project’s access to existing transport infrastructure.
“The maiden Jorc resource for Mayoko-Moussondji is a significant milestone for Equatorial. The hematite resource of more than 100-million tons represents a large inventory of upgradeable material that we are targeting to deliver premium iron products to global markets, using the existing railway and port, which service the project,” said Equatorial MD and CEO John Welborn.
He noted that the total mineral resource of 767-million tons also had substantial opportunity for further growth and clearly demonstrated the scale and long-term potential of the project.
The maiden mineral resource only covered some 35% or 16 km of the more than 46 km of mineralised strike at Mayoko-Moussondji.
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