PERTH (miningweekly.com) – Junior Magnum Mining & Exploration has reported a maiden Joint Ore Reserves Committee- (Jorc-) compliant mineral resource of 232-million tonnes for its Buena Vista magnetite project, in Nevada.
The ASX-listed company announced that the Jorc-compliant resource showed a 31% increase on the previous resource estimate at Buena Vista, with a 6% increase in the indicated resource of the Section 5 area, and a 25% increase in the Davis Tube Recovery percentage.
An additional 40-million tonnes of inferred mineral resource were also estimated in the West Pit area, along with a 14% increase in the inferred resource in the East Pit area.
“The Jorc mineral resource estimate for Buena Vista is a highly important step in advancing the project to production status. The Jorc estimate will allow the pit design, processing circuit, production rate and plant layout to be updated together with detailed financial modeling,” said Magnum executive in charge of the project Simon Baldwin.
Some A$34-million has already been spent on the project over the last ten years on the completion of feasibility studies and permitting for the long-term production of a magnetite concentrate. All major development permits for the project have already been secured.