RE: RNS7 Oct 2022 08:03
Highlights:
? Substantial increase in total Measured, Indicated and Inferred Mineral Resources, to 276.24 Million Tonnes ("Mt") grading 38.33% Fe
? New Measured Resource of 55.33 Mt grading 39.26% Fe
? Measured and Indicated Resource increase to 229.48 Mt at 38.76% Fe, from 176.7 Mt at 39.75% Fe[1] , reported within an optimised pit shell and using a cut-off grade of 25% Fe.
? Inferred Mineral Resource increased to 46.76 Mt at 36.20% Fe, from 8.7Mt at 36.9% Fe, reported within an optimised pit shell and using a cut-off grade of 25% Fe.
Cadence CEO Kiran Morzaria commented:
"The main aim of our new mineral resource statement was to provide a sound basis for pre-feasibility studies. In particular, to convert a significant portion of the indicated mineral resource into the measured category. The results reported today have achieved this goal and more.
The results clearly indicate the robustness and consistency of the Amapá resource.
As we move closer to the next stage of development, this higher degree of certainty in our mineral resource estimate provides more funding options for the Project. The new measured resource and the overall increase in the mineral resource provides a sound basis for an initial 15-year mine life, with the potential to expand this further by upgrading the 46.76 Mt of inferred resources."