New Figures Set Up Iron Ore Project Mine Planning
Cadence Minerals (AIM:NEX) has reported a 21% increase in the Mineral Resource Estimate (MRE) for the Amapá Iron Ore Project in Brazil.
The new·Mineral Resource of 176.7 million tonnes (Mt) grading 39.7% Fe in the Indicated category is reported within an optimised pit shell and using a cut-off grade of 25% Fe.
The estimate has also identified a Mineral Resource of 8.7Mt at 36.9% in the Inferred category, reported within an optimised pit shell and using a cut-off grade of 25% Fe.
The upated Mineral Resource represents a 21% increase in total mineral resources compared to the equivalent MRE published by Anglo American 2012.
The MRE will now orm the basis of the mine planning studies within the scoping study, to support the operational plan to produce 4.4Mt of 65% Fe and 0.3 Mt of 62% Fe per annum.
CEO Kiran Morzaria said significant potential exists to increase the resource base after the completion of metallurgical and optimisation studies on the surficial Colluvium and Canga and the underlying Semi Compact and Compact Itabirite material types.
“We are delighted that, following a significant effort from all involved, Cadence has been able to release an updated Mineral Resource Estimate for the Amapá Project,” Mr Morzaria said.
“This significantly builds on our confidence in the economics identified during our internal desk studies and on-site due diligence.
“The increase in overall mineral resource coupled with the historic operations and iron ore quality provides a robust platform on which to base our ongoing scoping study.
We now look to the future with a palpable sense of excitement, and I would once again like to thank all parties involved in working so hard in the adverse conditions created by COVID to bring Amapá back to life. I look forward to reporting further developments.”
The MRE will now form the basis of mine planning and open-pit optimisation studies being carried out as part of our scoping study on the Amapá Project. Wardell Armstrong LLP have been appointed to supervise and prepare the scoping study. The operational plan envisages that the mined material will be beneficiated into a 65% Fe Pellet Feed and 62% Spiral Concentrate at an average rate of 4.4Mt and 0.3Mt per annum
