29th Apr 2014 13:40
LONDON (Alliance News) - Ferrum Crescent Ltd Tuesday said its mineral resource estimate for the Moonlight Iron Ore Project in South Africa has been updated to progress its Bankable Feasibility Study for the site in 2014.
The iron ore developer said its mineral resource estimate for the Moonlight Project was previously stated in terms of JORC (2004) and has now been updated in terms of the requirements of JORC (2012).
The Joint Ore Reserves Committee classifications are a professional code of practise for the reporting of ore resources and reserves.
The company said the grade and tonnage estimates in the updated mineral resource are unchanged but assumptions made in previous estimates have been updated and explained.
The total mineral resource on site is estimated at 307 million tonnes at 26.9% iron including 172.1 million tonnes in the inferred category at 25.3% iron, 83.0 million tonnes in the indicated category at 27.4% iron and 52.6 million tonnes in the measured category at 31.3% iron.
Ferrum crescent confirmed that within a cut-off grade of 16% iron, geological losses of 5% and a depth constraint of between 100 metres and 250 metres from surface, the study has determined that there are reasonable prospects for eventual economic extraction from the site.
The company said that now that it has updated the resource it can progress with a Bankable Feasibility Study for the site.
Ferrum Crescent shares were down 5.7% to 1.11 pence Tuesday.
By Tom McIvor; [email protected]; @TomMcIvor1
Copyright 2014 Alliance News Limited. All Rights Reserved.
Related Shares:
Ferrum Crescent