On June 22, Australia-based copper and gold mining company Centaurus Metals announced that it has upgraded the JORC Resource estimate for its 100 percent-owned Jambreiro iron ore project located in the State of Minas Gerais, Brazil, following the completion of successful in-fill drilling on the main Tigre Prospect area.
The JORC Resource estimate (combined measured, indicated and inferred) for the project located in the State of Minas Gerais now stands at 70.6 million mt at an average grade of 28.0 percent iron (Fe).
More than 50 percent of the resource - a total of 35.2 million mt grading 28.3 percent Fe - has now been classified in the measured and indicated categories, providing a substantial increase in the company's overall confidence level in the resource base.
This is the first time Centaurus has been able to define both measured and indicated resources as part of the overall resource base at Jambreiro.
Darren Gordon, Centaurus' managing director, said that the project has progressed over the last 12 months and they are about to complete a scoping study which is likely to demonstrate the financial scale of the project.