Strategic Minerals Plc, an Australia-based mineral exploration and development company focused on magnetite, precious and base metals exploration in Queensland, Australia, has revealed iron ore resource details for its Cobre magnetite tailings asset in New Mexico, US. The asset was acquired via the acquisition of 100 percent of the issued share capital of Ebony Iron Pty Ltd announced on September 5, 2011.
According to Strategic Minerals' announcement, the asset covers a JORC compliant total resource of an estimated 1.57 million metric tons of magnetite ore, at an average grade of 61.7 percent Fe comprising an estimated 1.38 million metric tons of measured resource and 0.19 million metric tons of inferred resource.