Mindax targets increase in iron base at Mt Forrest project
Mindax (ASX:MDX) has started the second
phase drilling at its flagship Mt Forrest Iron project in Western Australia, in
a move to increase both the mining output and project life by increasing the
Mindax's Mt Forrest project is going through feasibility with a view to mining at the end of 2014.
The second phase of the field program envisions 4,000 metres of drilling and drilling contractors Westdrill has mobilised to site.
The current work will involve definition of the three detrital areas identified in phase one drilling earlier this January; testing for the presence of more detrital iron mineralisation from surface gravity survey done this March; and a small drill program targeting the regolith iron mineralisation.
The work is part of the company's effort to optimise the previously completed direct shipping ore regolith scoping study.
With the new program underway, Mindax is looking to increase both the project life and output by increasing the resource base.
Mindax's managing director and chief executive officer, Steve Ward said,“Mt Forrest is our flagship project and has considerable potential. We are pleased to be able to begin our second phase of drilling for 2013. This is a key component of our work program as we drive the project forward”.
The drilling is
expected to be completed in four weeks.
Mindax had completed the first phase of scout reverse circulation drilling in January 2013, which identified three new detrital iron areas that host a continuous bed of iron mineralisation.
With the second phase of drilling already underway, Mindax is on the path to potentially expand its resource base as well as extend the mine life at the Mt Forrest project, which currently has a resource of 1.7 billion tonnes at 31.8% iron.
The drilling also bolsters its proposed partnership with Hong Kong-based Perpetual Mining that could see the latter acquiring up to a 51% interest in the project's direct shipping ore rights and up to 49% in the project's magnetite rights in return for spending up to $52 million to speed up the development of the Mindax's flagship project.
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