PERTH (miningweekly.com) – Junior Magnetite Mines has reported a maiden ore reserve of 473-million tonnes of iron-ore at its Razorback project, in South Australia.
The company on Wednesday said that the ore reserve contained 68.5-million tonnes of iron-ore concentrate, supporting a mine life of more than 30 years, and supporting the prefeasibility study findings.
The study will be released as soon as it is complete.
“The ore reserve statement is the culmination of many months of meticulous and dedicated work by our team and is an important validating step. These Joint Ore Reserves Committee- (Jorc-) compliant ore reserves are based on experienced third party competent person confirmation that the Razorback resource forms the basis of a technically and economically viable project,” said chairperson and CEO Peter Schubert.
He noted that the ore reserve used only 31% of the available indicated mineral resource, and some 16% of the total defined Jorc resource, leaving the resource with the potential to support either a longer operating life or an expanded scale of operation.
However, Schubert noted that further work was required in order for the remaining resource to meet the requirements of the Jorc code.