PERTH (miningweekly.com) – Junior explorer Carpentaria Exploration has reported a maiden indicated resource of 215-million tonnes, at 16.2% iron, for its Hawsons iron project, in New South Wales.
The Hawsons project was estimated to contain about 35-million tonnes of premium-grade magnetite concentrate.
Carpentaria said on Wednesday that the total inferred and indicated resource at Hawson had been expanded to 1.77-billion tonnes, at a grade of 14.9%, a 26% increase on the previous estimate.
Total contained iron concentrate has also increased by 20%, to 263-million tonnes, compared with the previous estimate of 220-million tonnes, while grade has been maintained at 69.7% iron.
Carpentaria MD Quentin Hill said on Wednesday that the resource upgrade was a milestone in the project’s development, resulting from diligent geological work, with the inferred resource released soon after drilling was completed at the first major discovery.
“This result is a very significant boost to our flagship joint venture project. Not only have we achieved a 20% increase in total contained magnetite concentrate, but the conversion from inferred resource to a maiden indicated resource in the area of greatest drilling was essentially 100%, providing great confidence in subsequent conversion of other inferred resources.”
The Hawsons joint venture is 60% held by Carpentaria, with the remainder owned by private investor Pure Metals.