Australia-based mineral exploration company Centaurus Metals has announced a substantial increase in the JORC compliant resource for its 100 percent-owned Passabem Iron Ore Project in southeastern Brazil to 39 million mt of 31 percent Fe grade.
Accordingly, the new indicated and inferred resource represents a fifteen-fold increase on the previously reported inferred resource of 2.6 million mt of 31.3 percent Fe grade and follows the recent completion of a successful resource expansion drilling program that has extended the mineralization over a strike length of 5 kilometers.
"The resource upgrade confirms that the Passabem Project, which is located close to the key steelmaking regions of Ipatinga and João Monlevade, has the potential to form an important part of Centaurus' domestic iron ore production business in Brazil together with its other developing iron ore assets in southeastern Brazil," reads the company's statement.