re: Ann: Maiden JORC resource for Yerecoin ma...
Giralia posts maiden resource Wednesday, 7 July 2010
GIRALIA Resources has reported a maiden inferred resource for its Yerecoin magnetite project in Western Australia.
The overall resource has been estimated at 186.8 million tonnes at 30.9% iron including 153.4Mt at 31.1% iron in the northern Yerecoin area.
Giralia said the estimate provided support for its previously defined exploration target at Yerecoin of 200-250Mt grading 30-35% iron.
At the mining rate envisaged in the scoping study of 7.5Mtpa, this will equate to more than 20 years of production, the company said.
Today?s news comes after Giralia announced a positive scoping study for the project in February this year.
The pre-feasibility study will evaluate development options, mining and process engineering, product specification testwork, transport, marketing, environmental and groundwater studies.
A key to the development of the project, 120km north-northeast of Perth, is that it lies 1km from existing rail access.
The company believes there could be potential to expand the resource from untested magnetic anomalies along strike.
GIR Price at posting:
$1.85 Sentiment: LT Buy Disclosure: Held
