PERTH (miningweekly.com) - Metals developer Centrex Metals has announced a 30% increase in the resource estimate at its Fusion magnetite project, in South Australia, lifting the total resource to 653-million tons.
MD Phil Staveley said on Monday that drilling at the Koppio, Brennand and Kapperna deposits had resulted in the indicated and measured resource being raised more than 400%, to 287-million tons.
“We are expecting an additional upgrade for the Brennand deposit early this year, which could further increase the estimated resource,” he added.
Staveley noted that Centrex had also started drilling at two other deposits, which had the potential to further add to the resource estimate.
Meanwhile, Centrex was expecting federal government approval for the development of its Port Spencer facility within the next few months.
The port facility, which was approved by the state government at the end of last year, formed an integral component of the Fusion development, and provided ready access to export markets.
“The Fusion project and Port Spencer development have the potential to spark considerable development across the Eyre Peninsula and accelerate the development of mineral projects in the area,” Staveley said.
Centrex holds a 40% interest in the Fusion project under a joint venture with Wuhan Iron & Steel Group. The project would include the development of a centralized processing facility, with ore transported to Port Spencer through a slurry pipeline.