Upgrades Phosphate Resources to over One Billion Tonnes at Ammaroo
Perth, Mar 24, 2014 AEST (ABN Newswire) - Rum Jungle Resources (
ASX:RUM) is pleased to announce that the new combined Ammaroo Phosphate resource estimate has exceeded expectations and surpassed one billion tonnes. It is now the largest rock phosphate JORC 2012 resource estimate in Australia and is a deposit of global significance.
The resource upgrade vindicates the company's successful takeover last year of Central Australian Phosphate (CEN).
The total resource is now 1.08 billion tonnes P205 at an average grade of 14% P2O5 using a 10% cut-off or 338 million tonnes at 18% P2O5 using a 15% P2O5 cut-off.
The estimates are based on 3,246 RC holes and 88 diamond drill holes for a total of 104,500 m drilled. This resource estimation includes Measured, Indicated and Inferred resources as estimated by independent geological consultants MPR Geological Consultants Pty Ltd and is reported accordance with JORC 2012 guidelines. The break-down of the resource estimate is given in Table 1. The figures in this table are rounded to reflect the precision of the estimates and include rounding errors.
As shown in Figure 1, cultural exclusion zones determined by Traditional Owners have been excluded from the resource estimate. Future resource drilling activities will be restricted by these zones. Other cultural zones that do not affect the phosphate resource remain confidential.
No specific assumptions have been made by the company at this stage regarding proposed production levels. Metallurgical test work continues as part of the pre-feasibility study being conducted by Worley Parsons and further comment will be made upon completion of that study which is forecast due mid year.
Resources were estimated by Ordinary Kriging of one-metre downhole composited assay grades from RC and diamond drilling within mineralised domain wireframes capturing zones of continuous mineralisation grading more than approximately 10% P2O5 with a comparatively small internal higher grade domain interpreted at nominally 23% P2O5 cut off. The domains extend over approximately 36 km of strike with an average width of approximately 3 km, and an average thickness of around 7 m. The estimates extend to around 60 m depth, with approximately 90% from depths of less than 40 m. The estimates include a density of 1.7 t/bcm on the basis of 183 immersion density measurements of drill core from 43 diamond holes at Barrow Creek 1.
Estimates for mineralisation with consistent drill hole spacing of up to 100 by 100 m and 200 by 200 m are classified as Measured and Indicated respectively and estimates for more broadly sampled areas are classified as Inferred.
To view tables and figures, please visit:
http://media.abnnewswire.net/media/en/docs/76792-ASX-RUM-404111.pdf
About Verdant Minerals Ltd
Verdant Minerals Ltd's (ASX:VRM) strategic intent is to create shareholder value through the discovery, development and operation of fertiliser and industrial mineral projects, located in close proximity to existing transport infrastructure, with a primary focus on the Northern Territory of Australia.
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