Atlas Iron Limited (ASX:AGO) Maiden Resource Estimation For The Mt Webber DSO Project
Perth, Aug 4, 2009 AEST (ABN Newswire) - Atlas Iron Limited (ASX:AGO) is pleased to announce an initial resource estimation for its Mt Webber DSO Project. Mt Webber (Atlas 100% Fe rights) is located 150km southeast of Port Hedland in the Pilbara region of Western Australia.
This resource estimation follows the receipt of results from first-pass RC drilling, comprising 192 holes over 4 of the 6 initial prospect locations at Mt Webber between May and June this year. The two remaining prospects will be tested when the rig returns in August.
"This is a great result for our first resource at Mt Webber, exceeding our initial expectations." commented David Flanagan, Atlas' Managing Director. "The combination of good Fe grades with low contaminants has the potential to make Mt Webber a source of premium quality direct shipping ore. With another two prospects yet to be drilled we expect additional tonnes before the end of the year, confirming Mt Webber as a key component of our expansion plans."
Atlas is fully funded and has zero debt. Atlas is on track to bring its second DSO iron ore mine into production at Wodgina in early 2010.
Table 1: Mt Webber resource summary.
Mt Webber DSO Resource - August 2009-------------------------------------------------------------------Prospect Resource Kt Fe SiO2 Al2O3 P S LOI CaFe Classification (%) (%) (%) (%) (%) (%) (%)-------------------------------------------------------------------Ibanez Inferred 24,710 57.3 6.2 2.0 0.08 0.02 9.0 63.0Fender Inferred 7,910 57.1 6.6 2.7 0.10 0.03 8.4 62.3Total All Resources 32,620 57.3 6.3 2.2 0.08 0.02 8.8 62.8-------------------------------------------------------------------
Note:
- Resource quoted at >53% Fe cut off grade
- CaFe% is calcined Fe calculated by Atlas using the following formula: (Fe%/(100-LOI%))*100
About Atlas Iron Limited
Atlas Iron Limited (ASX:AGO) is an independent Australian iron ore company, mining and exporting Direct Shipping Ore (DSO) from its operations in the Northern Pilbara region of Western Australia. Since listing on the ASX in late 2004, Atlas has grown rapidly and is now a member of the ASX100 index.
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