(MENAFN - ProactiveInvestors - Australia) Sundance Resources (ASX:SDL) has upped its high grade hematite ore reserves at the Mbalam-Nabeba iron ore project in Africa by 24% to 436.3 million tonnes at 62.6% iron.
This increase in the ore reserve will enable the Stage One life of 10 years to be extended.
Stage two is underpinned by additional resources of 2.3 billion of itabirite hematite at 28% iron at Mbalam and 1.7 billion tonnes at 33.9% iron at Nabeba.
In addition, there is significant potential to grow the project further with numerous drilling targets identified in both Cameroon and the Republic of Congo.
The ore reserve increase is based on the current inventory of 775.4 million tonnes of high grade hematite resource that includes an Indicated Resource of 748 million tonnes, which represents a 58% conversion.
The ore reserves were increased following additional drilling as well as reinterpretation of the main Nabeba and Mbarga deposits based on drilling information.
The resources were also boosted due to the addition of the Nabeba Northwest deposit, which hosts an Indicated Resource of 50.3 million tonnes at 52.8% iron and the Nabeba South deposit, which has an Indicated Resource of 9.9 million tonnes at 57.3% iron.