"Dr Giles told * that SIMEC was chasing about 1 billion tonnes of iron ore in the region."
ICYMI: for an indication of what a 1 billion tonne Fe resource could resemble, see Post #: 35867627. Note: Benchmark Fe price down ~ 10% since that post.
FWIW: cut-off grade observation from yesterday's Grants Iron Ore Basin ASX release (Post #: 36738579) :
Minimum grade truncations are applied (15% Fe Niton XRF with up to 5m of internal dilution) (pg 8).
This compares with 18% for the Grants (Post #: 11148375) and Maldorky (Post #: 8523580) JORC resources.
DYOR
Ann: Grants Iron Ore Basin Drilling Commencing Soon, page-38
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