PERTH (miningweekly.com) – Junior developer Iron Road has increased the mineral resource estimate at its Central Eyre iron project, in South Australia, by 22%, to about 4.5-billion tonnes, grading 16% iron.
The ASX-listed company noted that about 3.5-billion tonnes, or 77% of the mineral resource, was classified as measured and indicated.
“The Central Eyre iron project continues to deliver with a 250% increase in resources at the Boo-Loo area, or a 22% increase in the global resource to 4.5-billion tonnes, cementing its place as Australia’s largest combined measured and indicated magnate mineral resource,” said Iron Road MD Andrew Stocks.
He pointed out that the company was close to achieving the upper-end of its original exploration target established in 2009, and noted that declining capital costs, current mine planning work incorporating mobile crushers, an expected increase in mining reserves, and high-quality concentrate specifications were expected to underpin a robust project.
“Our optimisation and value engineering programme over the past 12 months validates our diligent and innovative approach in positioning the Central Eyre project as the next credible and long-life producer of high quality iron concentrates. Our confidence in a low operating costs profile has been enhanced during this programme,” Stocks said.
The project is expected to produce 24-million tonnes a year, over a mine life of 25 years.