Business
Further Increase in Mineral Resource
Further Increase in Mineral Resource.
About this update from Ironveld Plc
[{"type":"text","content":"\n \nRNS Number : 7405B Ironveld PLC 08 April 2013 \n \n\nIronveld plc (\"Ironveld\" or the \"Company\")\nFurther Increase in JORC compliant Mineral Resource\nHighlights\n· Mineral Resource reported in accordance with the JORC Code announced for the Farms Harriets Wish, Aurora and Cracouw\n· Increase in Indicated Mineral Resource to 13.6 million tons of Iron in situ\n· Total Project Mineral Resource increased to 32.2 million tons of Iron in situ\n· Sufficient recoverable Iron in situ to produce one million tons per annum of pig iron for 25 years\nIronveld is pleased to announce that the results of drilling on the farms Harriets Wish, Aurora and Cracouw (collectively known as the \"HACRA properties\") have yielded results similar to those on the Farm Altona leading to an increase in the Company's overall Mineral Resource to 32.2 million tons of Iron in situ, reported in accordance with the JORC Code. In addition 13.6 million tons of Iron in situ are declared in the Indicated Category.\nDrilling Results\nThe Mineral Resource Estimate was carried out for the Main Magnetite Layer (\"MML\"), which commonly consists of semi-massive to massive layers of vanadium-bearing titaniferous magnetite (\"VTM\") near the base of the Upper Zone of the Bushveld Complex. On the HACRA properties the MML consists of a single massive VTM-rich layer underlain by gabbronorite with variable amounts of disseminated VTM.\n \nThe MML on the HACRA properties was intersected in a total of 34 vertical boreholes and one inclined (45° E) borehole drilled along 13 drill fences. The fence lines were spaced perpendicular to the north-south strike direction at approximately 600 metre intervals.\nThe drilling on the HACRA properties has increased the overall Mineral Resource base for the Ironveld Project. Mineral Resources are classified as Inferred or Indicated, in terms of the guidelines of the JORC Code. Mineral Resources, as at 28 March 2013, are declared for Fe grades greater than 20% down to a maximum depth of 120 metres below surface, accounting for 2% geological losses due to the anticipated sporadic occurrence of dykes, faults and other disruptive structural features.\n \...