On October 6, Australia-based iron ore company Centaurus Metals announced a 65 percent increase in the JORC compliant resource estimate for its Jambreiro iron ore project in the State of Minas Gerais, Brazil to 116.5 million mt, grading 26.8 percent Fe.
The updated JORC Resource estimate (combined measured, indicated and inferred), which follows the drilling programs completed this year, now stands at 67 million mt of friable mineralisation and 49.5 million metric tons of compact mineralisation.
The new resource estimate will form the platform for the pre-feasibility study on the Jambreiro iron ore project, which is on schedule to be finalised in November 2011. The study is based on a 2 million metric ton per annum operation producing 65 percent Fe products to be sold to local steel mills.