Bauxite Resources defines maiden resource for Fortuna in Western Australia
Bauxite Resources (ASX: BAU) has defined an initial bauxite resource of 26.8 million tonnes for its Fortuna Project in the Darling Range of Western Australia, increasing its global bauxite Resource by 14% to 223.3 million tonnes.
The resource is less than 15 kilometres from existing rail infrastructure providing a direct link to Fremantle/Kwinana Port around 120 kilometres away.
It also adjoins the Bauxite Alumina Joint Venture’s (30% Bauxite Resources, 70% Yankuang Group) Felicitas deposit which was recently upgraded to 127 million tonnes, including 33 million tonnes in the high confidence Measured category.
Combined resources of the two deposits are now in excess of 150 million tonnes, confirming the northern Darling Range as a significant bauxite province.
The Fortuna Resource stands at 26.8 million tonnes at 37.8% Al2O3 (total unbeneficiated), 29.2% Al2O3 (available) and 1.4% SiO2 (reactive).
This has increased the total resource for Bauxite Resources to 223.3 million tonnes at 39.8% Al2O3 (total unbeneficiated), 30.1% Al2O3 (available) and 2.5% SiO2 (reactive).
The bauxite within the Fortuna Resource is up to 13 metres in thickness and the high available alumina to reactive silica ratio is considered desirable for alumina refining.
Another drilling campaign to test for additional resources at Fortuna is scheduled to begin in late May.
Bauxite Resources is more than adequately funded to continue growing its bauxite resource base.
The company is trading well below cash backing with A$45 million, or $0.19 per share, in cash at the end of March 2013 and no debt compared to its market cap. of $27.1 million and share price of $0.115.
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