- Magnetite Mines (MGT) reports an increase in probable ore reserves for its flagship Razorback iron ore project, located in regional South Australia
- The company announced a maiden probable ore reserve of 362 million tonnes at a 16.8 per cent mass recovery for its Iron Peak deposit
- MGT CEO Tim Dobson says the maiden probable ore reserve would bolster Razorback’s economics for the first ten years significantly
- The company is continuing to explore any further resource potential at Iron Peak with ongoing drilling and exploration
- MGT shares closes 3.75 per cent higher, trading at 41.5 cents at market close
Magnetite Mines (MGT) has reported an increase in probable ore reserves for its flagship Razorback iron ore project, located in regional South Australia.
The company announced a maiden probable ore reserve of 362 million tonnes (Mt) at a 16.8 per cent mass recovery for its highest-quality magnetite deposit, Iron Peak.
A mining study completed by AMC Consultants, which included the Iron Peak estimate, increased the project’s ore reserves to two billion tonnes.
“The MGT team has done an extraordinary job in growing the Razorback iron ore project Ore Reserves from zero to two billion tonnes in under two years,” Magnetite Mines CEO Tim Dobson said.
“The recently upgraded Iron Peak mineral resource to ore reserves not only adds years to the potential mine life, but it also improves the economics of the project due to the higher grade nature of the Iron Peak mineralisation and improved metallurgical response.”
Magnetite Mines reported Razorback has a 91-year mine life, with a base case ability to produce five million tonnes per annum.
Mr Dobson mentioned the Iron Peak maiden ore reserve bolsters the first ten years’ economics of the project significantly.
MGT shares closed 3.75 per cent higher, trading at 41.5 cents at market close.