Friday, 24 Jun 2011
Centaurus Metals has upgraded the JORC Resource estimate for its 100% owned Jambreiro Iron Ore Project following the completion of successful in fill drilling on the main Tigre Prospect area.
In the meantime the company is continuing to drill the south east extension zone to prove up additional strike length to the main Tigre Prospect outside the current resource estimate. Drilling and scoping study results are expected in July.
The JORC Resource estimate for the project located in the State of Minas Gerais, Brazil now stands at 70.6 million tonnes at an average grade of 28.0% iron. This upgrade and recent beneficiation test work at Jambreiro, demonstrate that the friable mineralisation can be upgraded to a +65% Fe hematite product and confirms the potential of the project to become a cornerstone of the company’s domestic iron ore production business in Brazil.
Importantly, more than 50% of the resource a total of 35.2 million tonnes grading 28.3% Fe has now been classified in the Measured and Indicated categories, providing a substantial increase in the Company’s overall confidence level in the resource base. This is the first time Centaurus has been able to define both Measured and Indicated Resources as part of the overall resource base at Jambreiro.
Mr Darren Gordon Centaurus managing director said the project has progressed rapidly over the last 12 months and we are now close to completing a Scoping Study which we expect will demonstrate the financial robustness of the Project as a cornerstone of our emerging domestic iron ore business in Brazil.
He said that “The interim Resource upgrade provides us with great confidence that the main Tigre Prospect at Jambreiro will form the foundation for our first production opportunity as we progress our development plans to be producing 3 million tonnes per annum of high grade hematite for the Brazilian domestic steel industry by the end of 2013.”
In-fill drilling is continuing on the Cruzeiro, Galo and Coelho Prospects at Jambreiro as well as the South East Extension Zone of the main Tigre Prospect. This drilling is expected to underpin a further upgrade to the resource classification and lead to an overall increase in the resource tonnage by September 2011.
Importantly, the Jambreiro Project has very good access to existing local infrastructure and is well located approximately 130 kilometres from the city of Ipatinga, home to Usiminas existing 4.5 million tonnes per annum steel mill.
Centaurus Metals has upgraded the JORC Resource estimate for its 100% owned Jambreiro Iron Ore Project following the completion of successful in fill drilling on the main Tigre Prospect area.
In the meantime the company is continuing to drill the south east extension zone to prove up additional strike length to the main Tigre Prospect outside the current resource estimate. Drilling and scoping study results are expected in July.
The JORC Resource estimate for the project located in the State of Minas Gerais, Brazil now stands at 70.6 million tonnes at an average grade of 28.0% iron. This upgrade and recent beneficiation test work at Jambreiro, demonstrate that the friable mineralisation can be upgraded to a +65% Fe hematite product and confirms the potential of the project to become a cornerstone of the company’s domestic iron ore production business in Brazil.
Importantly, more than 50% of the resource a total of 35.2 million tonnes grading 28.3% Fe has now been classified in the Measured and Indicated categories, providing a substantial increase in the Company’s overall confidence level in the resource base. This is the first time Centaurus has been able to define both Measured and Indicated Resources as part of the overall resource base at Jambreiro.
Mr Darren Gordon Centaurus managing director said the project has progressed rapidly over the last 12 months and we are now close to completing a Scoping Study which we expect will demonstrate the financial robustness of the Project as a cornerstone of our emerging domestic iron ore business in Brazil.
He said that “The interim Resource upgrade provides us with great confidence that the main Tigre Prospect at Jambreiro will form the foundation for our first production opportunity as we progress our development plans to be producing 3 million tonnes per annum of high grade hematite for the Brazilian domestic steel industry by the end of 2013.”
In-fill drilling is continuing on the Cruzeiro, Galo and Coelho Prospects at Jambreiro as well as the South East Extension Zone of the main Tigre Prospect. This drilling is expected to underpin a further upgrade to the resource classification and lead to an overall increase in the resource tonnage by September 2011.
Importantly, the Jambreiro Project has very good access to existing local infrastructure and is well located approximately 130 kilometres from the city of Ipatinga, home to Usiminas existing 4.5 million tonnes per annum steel mill.
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