cheap buy imo(near floor set by cap raise 25c), page-18

True that, of course we want to hit a massive strike, but I'm looking at immediate results, hopefully any day now which will confirm there is atleast some high quality ore present.

Historically, much of the iron ore utilized by industrialized societies has been mined from predominantly hematite deposits with grades in excess of 60% Fe. These deposits are commonly referred to as "direct shipping ores" or "natural ores"

DSO (hematite) deposits are typically rarer than the magnetite-bearing BIF or other rocks which form its main source or protolith rock, but are considerably cheaper to mine and process as they require less beneficiation due to the higher iron content. However, DSO ores can contain significantly higher concentrations of penalty elements, typically being higher in phosphorus, water content (especially pisolite sedimentary accumulations) and aluminum (clays within pisolites). Export grade DSO ores are generally in the 62–64% Fe range

The key economic parameters for magnetite ore being economic are the crystallinity of the magnetite, the grade of the iron within the BIF host rock, and the contaminant elements which exist within the magnetite concentrate. The size and strip ratio of most magnetite resources is irrelevant as BIF formations can be hundreds of metres thick, with hundreds of kilometers of strike, and can easily come to more than 3,000 million or more, tonnes of contained ore.

The typical grade of iron at which a magnetite-bearing banded iron formation becomes economic is roughly 25% Fe, which can generally yield a 33% to 40% recovery of magnetite by weight, to produce a concentrate grading in excess of 64% Fe by weight. The typical magnetite iron ore concentrate has less than 0.1% phosphorus, 3–7% silica and less than 3% aluminium.