- Magnetite Mines (MGT) announces a maiden ore reserve estimate for its Razorback Iron Project in South Australia
- The maiden ore reserve totals 473 million tonnes of iron ore at probable classification and is in line with JORC 2012 guidelines
- It contains 68.5 million tonnes of ore concentrate for a 30+ year mine life based on 31 per cent of the available resources
- Additionally, it supports pre-feasibility study (PFS) findings with results to be released as soon as it is complete
- Shares in Magnetite are down 12.5 per cent on the market and are trading at 7.7 cents at 10:54 am AEST
Magnetite Mines (MGT) has announced a maiden ore reserve estimate for its Razorback Iron Project in South Australia.
The Razorback Project lies 250 kilometres northeast of Adelaide and consists of three main orebodies.
The maiden ore reserve totals 473 million tonnes of iron ore at probable classification and is in line with JORC 2012 guidelines.
The ore reserve contains 68.5 million tonnes of ore concentrate for a 30+ year mine life based on 31 per cent of the available resources.
Additionally, it supports pre-feasibility study (PFS) findings with results to be released as soon as it is complete.
“These JORC 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,” Chairman and CEO Peter Schubert said.
“The ore reserves are based on schedules that have been limited to 30+ years and utilise just 31 per cent of the available indicated mineral resources and some 16 per cent of the total defined JORC resources, which were previously announced.”
“These unutilised resources have the potential to support either a longer operating life or an expanded scale of operations, but before they can form the basis of a future reserve increase further work at PFS level or better would be required to meet the requirements of the JORC code.”
Shares in Magnetite were down 12.5 per cent on the market and trading at 7.7 cents at 10:54 am AEST.