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| Fortescue Metals Group Results OF Explorations In Pilbara Western Australia (2) |
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(continuation) [Resource Statement for Christmas Creek] The March 2005 resource estimate has been classified under the 2004 Code of JORC (Joint Ore Reserves Committee), with the grade and tonnage of the total resource based upon an envelope interpreted using iron, silica, alumina and manganese cut offs. A summary of the total resource at all three projects is as follows: - Indicated 372 million tons (Mt) at 58.2% Fe; Inferred 644 Mt at 57.9% Fe; Total 1,016 Mt at 58.0% Fe The total resource of 1,016 Mt includes 273 Mt of geologically distinct higher grade zones containing microplaty hematite at Christmas Creek. These zones are defined by an envelope interpreted using lower silica, alumina and manganese cut-offs than those used to define the total resource. The final grade and tonnage was estimated by applying a lower silica cut-off within this higher grade envelope. A summary of the higher grade resource is as follows: - Indicated 109 Mt at 60.2% Fe; Inferred 164 Mt at 60.0% Fe; Total 273 Mt at 60.1% Fe Resource drilling continues at Christmas Creek and exploration drilling is in progress at both the Cloud Break and White Knight areas. Further resource estimates will continue to be elaborated and presented timely. The following table presents the classified resource for the Christmas Creek deposit. Drilling has been conducted on a nominal 800 m line spacing with 200 m hole spacing for the Inferred resource category, and 400 m line spacing with 100 m hole spacing for the Indicated resource category. Since the Nov. 17, 2004 estimate, the resource has increased by approximately 363 Mt to 1,016 Mt and 1.2% Fe to 58.0% Fe. These increases are driven predominantly by the reinterpretation of both the new and previous drill data based on tighter metallurgical constraints and better geological and geophysical controls. A comprehensive metallurgical test work program continued to establish the requirements for upgrading the resource to marketable product grade suited to the rapidly growing markets. Test work indicates that mineralization defined has potential to be upgraded by beneficiation processes to in excess of 60% Fe with typically low Marra Mamba phosphorus levels. |
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| last modified : Thu 24 Mar, 2005 [10:48] |
