Shares in iron ore explorer Aurox Resources closed slightly higher today after the company announced a 15 per cent upgrade at its Balla Balla project in the Pilbara to 238 million tonnes.
Shares in iron ore explorer Aurox Resources closed slightly higher today after the company announced a 15 per cent upgrade at its Balla Balla project in the Pilbara to 238 million tonnes.
The company said pit optimisation and design work, carried out by mining consultants Orelogy on near surface mineral resources located in the Far West Area of the Balla Balla deposit, led to the resource upgrade.
Aurox managing director, Charles Schaus said the increase was confirmation of the size and quality of Balla Balla.
"While the maiden Far West Ore Reserve estimate is a good start, it is only a small section of our 18 kilometre long resource, and the Far West is expected to grow substantially once drilling and resource modelling resumes," he said in a statement.
"Based on the strong continuity of Balla Balla mineralisation, it is reasonable to expect
that follow-up drilling will upgrade near surface resources and delineate new resources at
depth leading to future Ore Reserve increases in the Far West Area."
Aurox shares closed up one cent, or 4 per cent, to 26 cents.
Full announcement below:
ASX / Media Announcement
ORE RESERVES INCREASED BY 15 PER CENT
Highlights
- Balla Balla ore reserve estimate increases by 15 per cent to JORC compliant 238 million
tonnes
- Follows 26 November announcement demonstrating the strong financial returns from
Simple Low Risk - Low Cost operation
- Integrated project to give benefit of three product revenue streams across iron ore,
vanadium and titanium, reducing average net costs to $22.04 per tonne iron concentrate
- Regulatory approvals in place - ready to commence development
Pilbara iron ore developer Aurox Resources Limited (ASX: AXO) today announced a 15
percent increase to its Balla Balla Ore Reserve estimate.
The JORC compliant Balla Balla Ore Reserves have grown from 207 to 238 million tonnes
with over 79% being classified in the Proved Ore Reserve category.
The Ore Reserve increase is a result of pit optimisation and design work carried out by mining consultants Orelogy Pty Ltd on near surface mineral resources located in the Far West Area of
kilometr e long Balla Balla deposit.
Aurox Managing Director Charles Schaus said; "Today's reserve increase is further
confirmation of what we have at Balla Balla in terms of size and quality.
"While the maiden Far West Ore Reserve estimate is a good start, it is only a small section of
our 18 kilometre long resource, and the Far West is expected to grow substantially once
drilling and resource modelling resumes.
Currently the drilling in the Far West Area is widely spaced and extends to only 100 vertical
metres. Based on the strong continuity of Balla Balla mineralisation, it is reasonable to expect
that follow-up drilling will upgrade near surface resources and delineate new resources at
depth leading to future Ore Reserve increases in the Far West Area."
