Luge farm licence17 Jul 2021 21:02
current resource does not include mineralisation on the Luge Farm prospecting right which is near to the current resource and which is yet to be defined but is believed to have the same geology,” await mining licence any time now The area covered by the Farms has outcropping Main Magnetite Layer ore which is an extension of and identical to the VTM ore found on the Company's existing Lapon and HW Iron properties. Once the Mining Right is granted it will increase the Company's main magnetite mineral resource by about 20%, taking the outcrop length from approximately 28 kilometres to approximately 33 kilometres. In addition, the Farms also have an extensive out cropping mineral resource of "layer 21 VTM", estimated by the Company to be 200 million tons of open castable resource. While this is lower in vanadium grade than the Main Magnetite layer it is a significantly wider reef and mining costs will be lower.