Bauxite Resources Increases Global Bauxite Resource by 35%
Post Date: 25 Aug 2011 Viewed: 534
Perth-based bauxite explorer and developer, Bauxite Resources Ltd ("BRL" or "The Company") is pleased to announce an update to the bauxite resource base in the North Darling Range area. Resource modelling has been completed on recent drilling undertaken on the Cardea prospect that has produced a Maiden Inferred Resource of 6.4Mt, with a further 2.2Mt Maiden Inferred Resource for the Minerva prospect.
The Minerva area comes under the Bauxite Resource Joint Venture with Yankuang Group ("Yankuang"), with Bauxite Resources retaining a 30% bauxite interest, while the Cardea prospect is subject to a Farm In and Joint Venture Agreement between Bauxite Resources and HD Mining & Investment Pty Ltd (Shandong Provincial Bureau of Geology and Mineral Resources) ("Shandong") where Shandong may earn up to a 60% interest at the completion of certain milestones. Resource modelling for Minerva and Cardea has been conducted by Snowden Mining Industry Consultants Pty Ltd, and all results supersede previous resources announced by the Company.
Stage 3 of the Cardea resource is currently being modelled and two additional prospects, Pomona and Concordia, have been identified. First pass drilling is complete on several properties within these new prospect areas and resource modelling is planned for the second half of calendar year 2011 once all results have been returned.
In conjunction with the refinery scoping study that is underway, the Company is reviewing all resources for various cut-off grades with the objective of optimising the quality of potential refinery feed and Direct Shipping Ore ("DSO") potential.