Equinox Resources Managing Director and CEO, Zac Komur, commented:
“At Equinox Resources, we’re committed to advancing the Hamersley Iron Ore Project with a clear focus on accelerating its exploration and development. The reinterpretation of the Mineral Resource Estimate confirms an initial Direct Shipping Ore of 108.5 Mt at a grade of 58.0% Fe targeting the Platts 58% Fe Index and highlighting significant hematite mineralisation. By reassessing the resource and collaborating closely with our geological team, we’ve unlocked a clearer understanding of its true economic potential, whilst revealing unprecedented exploration upside.
This MRE update lays the groundwork for targeting the higher-grade region of the ore body. Our Phase 1 drilling program for the second half of CY2024 is set to unlock this higher-grade region, further enhancing the resource volume and grade.
These strategic efforts will pave the way for a comprehensive scoping study. This study will thoroughly evaluate alternative valuation scenarios, considering both the MRE for 58% Fe and a +60% Fe market index, with our decisions driven by a commitment to maximising value for shareholders.”
Significant Undeveloped Pilbara Hematite Detrital Project
Equinox Resources has released a DSO MRE as part of the development of the Hamersley Iron Ore Project. This MRE incorporates the results of a recent geological re-interpretation of the deposit conducted by ERM Australia Consultants Pty Ltd, trading as CSA Global, the Company’s geological consultant.
The Hamersley Iron Ore Project is supported by a comprehensive knowledge base, including 22,621 meters of historical drilling, assays, geological modelling, metallurgical testwork, and geophysical data. This data has been re-interpreted to enhance the geological characterization and lithological domaining of the deposit.
The initial DSO MRE for the project represents one of the largest undeveloped hematite detrital resources in the Pilbara, wholly owned by an ASX-listed junior iron ore company. With a target grade of 58% Fe, the project can produce a DSO iron ore product that is saleable in the current market.
Leave a Reply