Cadence Minerals plc reported an increase in JORC resource, with greater tonnage in measured and indicated categories, at its joint venture Amapá iron ore project in Brazil.
MRE
Partner DEV Mineraço S.A.’s new mineral resource estimate (MRE) shows an increase in total measured, indicated and inferred mineral resources, to 276.24 million tonnes (Mt) grading 38.33% Fe.
The new measured resource is of 55.33 Mt grading 39.26% Fe.
The measured and indicated resource has increased from 176.7 Mt at 39.75% Fe to 229.48 Mt at 38.76% Fe.
The inferred mineral resource increased from 8.7Mt at 36.9% Fe to 46.76 Mt at 36.20% Fe.
The new estimate was reported with an optimised pit shell and using a cut-off grade of 25% Fe.
ROBUSTNESS
Chief executive Kiran Morzaria said that the new MRE aimed to provide a sound basis for pre-feasibility studies, particularly to convert a significant portion of the indicated mineral resource into the measured category.
“The results reported today have achieved this goal and more.
“The results clearly indicate the robustness and consistency of the Amapá resource.
“As we move closer to the next stage of development, this higher degree of certainty in our mineral resource estimate provides more funding options for the project.
“The new measured resource and the overall increase in the mineral resource provides a sound basis for an initial 15-year mine life, with the potential to expand this further by upgrading the 46.76 Mt of inferred resources.”
JOINT VENTURE
Cadence (27%) and IndoSino (73%)’s joint venture company Pedra Branca Alliance (PBA) owns 100% equity of DEV Mineraço S.A which in turn owns the Amapa project.