Perth-based Aurox today announced the total Balla Balla resource had jumped from 325 million tonnes to 473Mt grading at 43.2% iron on the back of infill and extensional drilling earlier this year across the Western Pit area and a recalculation of inferred resources along the 9.5km strike of magnetite mineralisation in the Far West area.
The new resource figure consists of 167.7Mt in the measured category, 45.1Mt in the indicated category and 260.3Mt in the inferred category.
The total resource for the Western Pit area has been estimated at 141.5Mt grading at 46.3% iron, while the Far West area stands at 189Mt at 43% iron and the Central-East Pit area stands at 142.5Mt at 40.5% iron.
Aurox managing director Charles Schaus said the results follow a resource upgrade in April and continued to bolster the resource base at Balla Balla.
“This strong interim result is in line with our Balla Balla resource and reserve development plan,” he said in a statement.
“The company is aiming to define a 650 million tonne resource by the end of August and expects to exceed 1 billion tonnes before Christmas.”
Schaus said the company was advancing toward production at Balla Balla with long lead items ordered, detailed engineering underway and the signing of a recent port agreement further de-risking the project.
The Western Pit resource modelling was carried out by Golder and Associates. The resource model has been delivered to mining consultants Oreology for pit optimisation, mine design and scheduling work.
An updated ore reserve estimate from the Western Pit resource area is expected later in the month.
Meantime, infill and extension drilling along the Far West area is scheduled for completion by the end of this month while resource modelling work to upgrade the low-level inferred resource to measured and indicated resource will begin once final assays are received.
Last month, Aurox announced an increase in the ore reserve estimate at Balla Balla project from 105Mt to 155Mt grading 45.2% iron.
Shares in Aurox jumped 8.5c to an intraday high of $1.035 before cooling to 98c later in the morning.
