FerrAus Limited (ASX:FRS) Davidson Creek Indicated Iron Ore Resources Up 50 Million Tonnes
Perth, July 12, 2011 AEST (ABN Newswire) - FerrAus Limited (ASX:FRS) (PINK:FRRAF) today announced that its Pilbara Projects iron ore resources have increased by 16.1 million tonnes, importantly, the result improves the Indicated Resource base by 50.4 million tonnes.
This resource increase is a consequence of resource estimation work, conducted by Snowden Mining Industry Consultants, for the Dugite and Tiger Prospects during June 2011.
The Dugite and Tiger Prospects are located in the Davidson Creek Area on the prospective east west striking Marra Mamba Iron Formation, adjacent to and east of the Python, Gwardar, and Taipan Resources.
The major outcome of extensive infill and step out RC drilling conducted early in 2011, is that the Dugite and Tiger combined resource has grown from 51.5 million tonnes to 67.6 million tonnes; a net increase of 16.1 million tonnes.
The result also delivers a comprehensive conversion of Inferred Resources to Indicated Resources, from 0.2 million tonnes to 50.6 million tonnes.
This mineralised Marra Mamba Iron Formation trend, containing all five iron ore deposits hosted within the Mount Newman Member, is now a 10 kilometre long zone of continuous iron ore enrichment, comprised of approximately 212 million tonnes of iron ore resources.
The FerrAus Limited updated resources are detailed in Table 1 (see link at the bottom of the release). Note: The Indicated Resource totals have increased from 197.60 million tonnes (ASX / Media Statement 8 March 2011) to 248.00 million tonnes. Highlights from the Dugite - Tiger resource estimation are listed below.
Highlights: Dugite-Tiger Resource Estimate
(1) +55 per cent cut-off Fe resource = 30.5 million tonnes @ 56.9% Fe, (includes 28.7 million tonnes of Indicated Resources).
(2) 52 - 55 per cent Fe resource = 24.3 million tonnes @ 53.5% Fe, (includes 21.9 million tonnes of Indicated Resources).
(3) 50 - 52 per cent Fe resource = 12.8 million tonnes @ 51.1% Fe.
For the complete FerrAus Limited announcement including tables, please refer to the following link:
About Ferraus Limited
FerrAus Limited has been delisted from the Australian Securities Exchange following its acquisition by Atlas Iron Limited. For all enquiries please visit the Atlas Iron website at www.AtlasIron.com.au