- CZR Resources (CZR) receives “strong” assay results from the lower channel iron deposit (CID) at the Robe Mesa iron ore project in WA
- The company completed a 94-hole drilling effort last month to expand the resource to the north and infill the lower CID to the south
- CZR says the results confirm direct shipping ore (DSO) mineralisation outside the pit design, supporting its expansion plans for the Robe Mesa project
- The results will be used to update the mineral resource and ore reserve estimate, both of which are scheduled for next quarter
- CZR shares are up 6.25 per cent to trade at 1.7 cents just before market close
CZR Resources (CZR) has confirmed extensive direct shipping ore (DSO) mineralisation in the lower channel iron deposit (CID) at the Robe Mesa iron ore project.
The company received initial assay results from a 94-hole reverse circulation drilling program at the WA-based project.
This program aimed to expand the resource to the north and infill the lower CID in the south of the deposit.
Intercepts towards the south of the deposit averaged 55.6 per cent iron (62.2 per cent iron calcined), 6.1 per cent silica oxide, three per cent aluminum oxide and 0.05 per cent phosphorus.
These averages are similar to Rio Tinto’s (RIO) Robe Valley Fines, Fortescue Metals’ (FMG) Super Special Fines, and Atlas Iron’s Atlas Fines.
CZR Resources said this first batch of results show good continuity along strike and offer further evidence of strong DSO mineralisation below the pit designs modelled in the 2020 pre-feasibility.
“This first batch of assays from Robe Mesa provides strong support for our expansion plans, confirming the lower CID contains thick intersections of DSO, with the infill drilling also providing the opportunity to convert additional resource tonnes into reserve,” Managing Director Stefan Murphy said.
“We look forward to receiving the balance of the assay results in the coming weeks, in particular those from the northern extension which has never been previously drilled area and shows the same mineralisation extending north of the current resource outline.”
Assays are pending along the eastern flank of the Robe Mesa deposit and from the northern extension.
The company will use the results to convert the inferred resources to the indicated category. CZR is on track to report an updated mineral resource estimate, ore reserve and a mine plan in the upcoming December quarter.
CZR shares were up 6.25 per cent to trade at 1.7 cents just before market close.