Friday, 02 Sep 2011
Beadell Resources has achieved a better than expected maiden JORC itabirite iron ore resource estimate of 209.1 million tonnes at 36.1% iron from the Tap Norte Banded Iron Formation in Brazil. The estimate was conducted by independent consultant SRK and includes Measured and Indicated Resources of 75.4 million tonnes at 37.3% Fe.
Potential extensions from Tap Sul and Tap Leste areas alone are estimated to contain an additional 120 million tonnes to 180 million tonnes of itabirite iron ore, which are currently being aggressively drilled. This maiden iron ore resource is the culmination of a major drilling and resampling program completed over the last 15 months.
Mr Peter Bowler MD of Beadell said that “This is an outstanding maiden iron ore resource which will grow significantly over the coming months. We are in discussions with Anglo Ferrous in relation to these iron ore resources on our Mining Concession to either continue on with negotiations centred around a Joint Operating Agreement whereby Anglo pay for iron ore extracted out of our gold pits or, our preferred outcome, to go it alone if the parties are unable to reach agreement on the terms of such a Joint Operating Agreement in respect of Beadell’s Mining Concession."
The company will now commence a detailed Scoping Study which will include a beneficiation plant and all associated logistics.
Beadell is bullish that the outcome of negotiations will either materially improve the economics of the gold project or, alternatively, enable the company to proceed with a substantial iron ore business on a standalone basis.
(sourced Proactiveinvestors)
Beadell Resources has achieved a better than expected maiden JORC itabirite iron ore resource estimate of 209.1 million tonnes at 36.1% iron from the Tap Norte Banded Iron Formation in Brazil. The estimate was conducted by independent consultant SRK and includes Measured and Indicated Resources of 75.4 million tonnes at 37.3% Fe.
Potential extensions from Tap Sul and Tap Leste areas alone are estimated to contain an additional 120 million tonnes to 180 million tonnes of itabirite iron ore, which are currently being aggressively drilled. This maiden iron ore resource is the culmination of a major drilling and resampling program completed over the last 15 months.
Mr Peter Bowler MD of Beadell said that “This is an outstanding maiden iron ore resource which will grow significantly over the coming months. We are in discussions with Anglo Ferrous in relation to these iron ore resources on our Mining Concession to either continue on with negotiations centred around a Joint Operating Agreement whereby Anglo pay for iron ore extracted out of our gold pits or, our preferred outcome, to go it alone if the parties are unable to reach agreement on the terms of such a Joint Operating Agreement in respect of Beadell’s Mining Concession."
The company will now commence a detailed Scoping Study which will include a beneficiation plant and all associated logistics.
Beadell is bullish that the outcome of negotiations will either materially improve the economics of the gold project or, alternatively, enable the company to proceed with a substantial iron ore business on a standalone basis.
(sourced Proactiveinvestors)
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