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Ascot declares maiden reserve at Wonmunna

6th January 2015

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

  

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PERTH (miningweekly.com) – Iron-ore hopeful Ascot Resources has reported a maiden probable ore reserve estimate of 28.9-million tonnes, grading 58% iron at its Wonmunna project, in the Pilbara.

In addition to the ore reserve estimate, Ascot noted that the CMM deposit also contained some 2.7-million tonnes of mineable tonnage, at an average grade of 58% iron, giving the Wonmunna project a potential mineable inventory estimate of 31.6-million tonnes, at 58% iron.

“The maiden ore reserve is a major milestone for the Wonmunna project and highlights the significant potential of this development as a supplier of high-quality direct shipping ore to the North Asian market,” said Ascot chairperson Paul Kopejtka.

The maiden ore reserve estimate was derived from the indicated resource estimate within the larger mineral resource estimate for the CMM and NMM deposits.

The Wonmunna project comprises four deposits, which also include the SMM and EMM deposits, and contains a mineral resource of 84.3-million tonnes.

Ascot was proposing to develop a five-million-tonne-a-year direct shipping ore operation at Wonmunna, with production scheduled at an initial three-million tonnes a year, ramping up to full production by the second year of operations.

“Ascot continues to progress key approvals and a final product sales solution in order to position the Wonmunna project for potential financing and execution in the future,” Kopejtka added, noting that the company would consider financing options for the project in the first quarter of this year.

Edited by Creamer Media Reporter

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