Iron Road (ASX:IRD) has revealed assay results for the Stage 9 drilling program at the Central Eyre Iron Project in South Australia.
Assays include 288 metres at 15.6% iron and 78 metre at 18.8% iron; 180 metre at 17.4% iron; 284 metres at 14.9% iron, 42 metres at 18.5% iron, 162 metres at 14.7% iron and 116 metres at 21.4% iron.
These results confirm the extension and thickening of Boo-Loo mineralisation at depth.
The drilling campaign was undertaken with the objective of confirming an initial 25 year mine life and producing an optimised mining plan based on the expected upgraded and enlarged mineral resource at Boo-Loo.
This has significant implications for the current pit shell optimisation work, based on in-pit crushing and conveying by specialist personnel from Thiess and RWE Generation.
These results will be included in the re-estimation of the Boo-Loo Mineral Resource, producing an expected increase in size and upgrade of resource category.
In addition to supporting the overall resource base, information from the Stage 9 drilling program will be used to refine and update the mine design and planning.
The project currently has a Proven and Probable Reserve of 2.071 billion tonnes containing 15.5% iron, estimated from a total Mineral Resource of 3.691 billion tonnes containing 16% iron.
Optimisation work to be conducted includes scaled-up nameplate production to 24Mtpa delivering a blended 110-130 micron concentrate grading over 66.5% iron and less than 3.5% silica.
The company held over $16 million in cash as quarter's end.
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