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- Firebird Metals (FRB) increases the mineral resource estimate (MRE) for its flagship Oakover manganese project in Western Australia’s East Pilbara region by 108 million tonnes
- The company describes the 170 per cent resource upgrade as “game changing”.
- The new MRE for Oakover stands at 172 million tonnes grading 9.9 per cent manganese, up from the historical resource estimate of 64 million tonnes at 10 per cent manganese
- Firebird says it will focus on completing studies to assess a possible long-term manganese production operation
- FRB shares up 6.56 per cent to 32.5 cents
Firebird Metals (FRB) has increased the mineral resource estimate (MRE) for its flagship Oakover manganese project in Western Australia’s East Pilbara region by 108 million tonnes.
The company said the 170 per cent resource upgrade was “game changing”.
The new MRE for Oakover stands at 172 million tonnes grading 9.9 per cent manganese, up from the historical resource estimate of 64 million tonnes at 10 per cent manganese.
It comes after Firebird’s reverse circulation (RC) drilling program completed last year at the project’s Sixty Sixer, Jay Eye and Karen deposits comprising 233 holes for a total coverage of 10,145 metres.
Sixty Sixer accounts for 109.4 million tonnes at 10.1 per cent manganese of the MRE, with 58.7 million tonnes at 10.4 per cent manganese in the indicated category.
Firebird said the MRE growth potentially paved the way for the company to pivot from its current rapid development strategy and focus on carrying out the relevant studies to evaluate Oakover as a possible 20-year manganese ore and sulphate producing operation.
“While this is a shift from our early cashflow strategy, we think the size of the resource and simple near surface gently dipping geology provides a simple pathway to production that now warrants financial assessment that is anticipated to ultimately deliver superior value to shareholders,” Managing Director Peter Allen said.
He described the big MRE upgrade as “game changing” for the company.
“We will be able to leverage the work already completed from current rapid development workstreams to quickly complete the necessary scoping studies, that will focus on a long-life manganese ore and sulphate production operation. We expect to complete the manganese ore study in the June quarter and the sulphate study in the September quarter,” Mr Allen said.
“This resource has come in well beyond our expectations and speaks volumes to the broader potential of Oakover and the opportunity to establish a major WA manganese operation.”
FRB shares ended the day’s trading session up 6.56 per cent to 32.5 cents.
