Hamersley Iron Project – An advanced exploration opportunity located in the Pilbara region

The Project sits ~50km north-east of Tom Price and immediately south of the Solomon project held by Fortescue Metals Group Ltd.

Figure 1: Project location


The Project boasts significant upside, with highlights including:

Infrastructure advantages:

  • Adjacent to operating mines, workforce, roads & rail.
  • FMG and RIO rail approx. 35km from the deposit.
  • Major towns nearby, Tom Price (50m) & Paraburdoo (125km).

JORC 2004 compliant Mineral Resource for the Project:

  • 343.2 Mt @ 54.5% Fe (576.9% CaFe)
  • Indicated Resource of 42.6Mt @ 55.2% Fe (57.9% CaFe)
  • Project exploration target of ~400Mt @ 54-56% Fe

Total of 152 drill holes for 20,961m of drilling to date:

  • Assays continue to confirm high-grade intersections of channel iron mineralisation.
  • Recently completed a drill program to test higher grade shallow (from 28m) mineralisation, assays pending.
  • The deposit remains open in North and SW directions.

Metallurgy work of CID in SW corner completed – indicating higher grade material Mining Lease granted, Native Title agreement executed Nov 2014.


Set out below in Table 1 are the potential development scenarios proposed by the Company, which are based on the completion of several Scoping Studies.

Table 1: Potential development scenarios based on Scoping Studies

 

**** Plans to re-commence Pre-Feasibility Studied upon turn around in Iron Ore spot price. ****