(MENAFN - ProactiveInvestors - Australia) Equatorial Resources (ASX:EQX) has defined a maiden JORC compliant maiden mineral resource of 767 million tonnes at its Mayoko-Moussondji iron project in the Republic of Congo.
The total resource of 787 million tonnes at 31.9% Fe comprises an indicated and inferred hematite resource component of 102 million tonne at 40.6% Fe and an indicated and inferred magnetite resource of 665 million tonnes at 30.6% Fe.
Based on the metallurgical test work completed, the hematite material is expected to readily produce premium lump and fines iron products grading above 63% Fe with low impurities through simple processing techniques with high overall mass recovery.
The maiden hematite resource will be used as the initial resource base for Equatorial's Scoping Study and on-going feasibility studies focused on early production from Mayoko- Moussondji using the access to existing transport infrastructure.
The project has access to an existing and operational railway line that links the project area to the deep water port of Pointe-Noire.
The resource estimate is based on data from 43,743 metres of drilling from 383 drill holes. Drilling has extended over a strike length of 16 kilometres, which represents only 35% of the identified magnetic strike of the project, with potential for further upside to resource growth.