Nemex declares maiden resource for Guinea iron project
PERTH (miningweekly.com) - ASX-listed junior Nemex Resources has declared a maiden inferred resource of 258-million tons at its Télimélé iron project, in Guinea.
The maiden resource included some 16.8-million tons, at 55.1% iron, of potential direct shopping ore (DSO), which Nemex said would require simple crushing and screening to produce a product of some 58% iron.
“In a very short time, we have developed a significant iron-ore resource of potential DSO quality over one small area of our project, and have today given some guidance on a regional exploration target of between 50-million and 100-million tons at between 50% and 60% iron, that we hope to achieve through continued exploration success,” said Nemex MD Peter Turner.
He added that the company would now investigate early cash flow from mining the high-grade DSO iron mineralisation, and using the various nearby rail and port options.
“Having the infrastructure largely in place and a potential DSO iron product are two very good boxes to tick,” said Turner.
The Nemex board has now approved a concept study that will examine the operating costs associated with both a one-million-ton-a-year and a two-million-ton-a-year DSO operation.
Other options for the project would also be considered if determined to be cost effective.
The concept study was expected to provide an economic framework to examine the potential economic viability of an operation and the financial benefits to Nemex, to determine the optimal operational outcomes in terms of mining, processing and haulage, as well as to provide some guidance on a project timeline to production.
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