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Resources

All of the current JORC Resources and Reserves at the Buena Vista Project are on private land under patented mining claims. This is an important consideration within the United States and allows foraccelerated approvals.

The Indicated Mineral Resource of the West deposit is tabulated below.

Domain

Volume (m3)

Tonnes

Total Fe %

Average Density

High Grade

1,000,000

4,000,000

48.2

4.24

Medium Grade

11,900,000

41,500,000

25.7

3.48

Low Grade

17,700,000

54,700,000 14.3 3.10
TOTAL

30,600,000

100,200,000

20.3

3.30

Note: Previous resource of 88.7 Mt grading 20.4% total Fe was based on apparent density measurements. True density values provide a higher correlation to corresponding total Fe% assays than apparent density values.

 

In addition to the West deposit, the broader area of the Buena Vista Project contains other magnetite JORC resource estimates, which are based on historic diamond drilling and are tabulated below.

Deposit

Category

Tonnes

Contained Fe %(Mt)

Total Fe %

South Central

Inferred

18,000,000

3.7

21.3

East

Inferred

19,000,000

4.0

21.5

Total

 

37,000,000

7.7

21.4

Note: Based on statistical analysis of the historic Davis Tube Testwork undertaken on behalf of U.S. Steel.  Magnetic Fe is 85% of total Fe.

 

As a result of reconnaissance drilling, aeromagnetic data interpretation and field mapping a number of exploration targets have been identified.

Prospect

Tonnes

% Total Fe

Section 5 12-18,000,000 18-26
Iron Point 10-15,000,000 18-23
Southwest 12-15,000,000 18-25

BV-D

10-18,000,000

19-24

A5-1 Anomaly

80-110,000,000

15-20

A-10 Anomaly

70-90,000,000

15-20

Iron Horse

1-2,000,000

59-68

Total 195-268,000,000 16-22

Note: 15% magnetic Fe cut off grade (magnetic Fe is 85% of total Fe).

The potential quantity and grade of the exploration targets are conceptual in nature and there has been insufficient exploration to define a JORC compliant Mineral Resource and that it is uncertain if further exploration will result in the determination of a Mineral Resource.

 

The Company is currently initiating an exploration programme for the purpose of elevating the existing Inferred Resources to Indicated Mineral Resources and elevating the exploration targets to JORC Resources.

 

Buena Vista Resources

In addition there are, based on historic studies, approximately 800,000 tonnes of run of mine stockpiles grading an average of 28% available within the proposed mine area. These stockpiles are the lower grade remnants from the high grade mining of Buena Vista that was carried out during the 1950’s.