PERTH (miningweekly.com) – Iron-ore hopeful Flinders Mines has increased the mineral resource estimate for its Pilbara iron-ore project to more than one-billion tonnes, grading some 55.6% iron.
The increase in the mineral resource followed on from an increase in the mineral resource estimates for the Delta, Paragon and Badger deposits, following further drilling.
The ASX-listed junior pointed out on Wednesday that about 84% of the total mineral resource was classified as indicated or measured, and would form the basis of further mine planning and optimisation studies as part of the ongoing bankable feasibility study.
An independent investigation into the project had revealed that capital expenditure of A$726-million would be required to support a 25-million-tonne-a-year operation at the Pilbara project.