On February 25, Australian iron ore miner Fortescue Metals Group announced that it has made a new discovery of over one billion mt of high grade Brockman iron formation, which is expected to grow as further drill results come in.
According to a company release, named the Nyidinghu project, the new reserves are 35 kilometers south of Fortescue's Cloudbreak operation on the edge of the Hamersley Ranges in Pilbara, Western Australia. The drilling at the prospect started in August 2010.
The addition of Nyidinghu takes Fortescue's total resource portfolio to almost 7 billion mt of hematite-goethite mineralization, plus another 2.5 billion mt of magnetite mineralization.
Fortescue will commence a feasibility study with a view to developing this deposit as rapidly as possible. The feasibility study will also involve infill drilling to support estimates of indicated and measured resources, appropriate metallurgical testwork and necessary hydrological, environmental and other studies.