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Legacy Iron Ore upgrades iron resource at Mt Bevan, Western Australia

Legacy Iron Ore upgrades iron resource at Mt Bevan, Western Australia

Legacy Iron Ore (ASX: LCY) has made a significant upgrade to a 2 kilometre portion of its Western banded iron formation resource at Mt Bevan in Western Australia.

Mt Bevan is a 60%-40% joint venture with Hawthorn Resources (ASX: HAW), with Legacy with 60% and operatorship.

The Maiden JORC Indicated Resource is 322 million tonnes at 34.7% iron, with high mass recovery of 44.2% for this 2 kilometre section.

The high mass recovery implies amenability to simple, low cost magnetic separation.

The remaining 8 kilometres of banded iron is to undergo additional upgrades, with increased confidence of resource continuity and grade for the area identified as the preferred site for initial mining activities.

Establishment of a significant Indicated Resource at Mt Bevan will enable Legacy to proceed with greater confidence in project development studies and reinforces the scale and potential long life of the project.

Phase 4 exploration is currently underway, which includes further work to define direct shipping ore iron drill targets.

Legacy recently made a cash call to Hawthorn in relation to the first stage of the Phase 4 exploration program, and has now received that contribution.

Earlier drilling at Mt Bevan allowed the definition of a JORC compliant Inferred Resource of 2.26 billion tonnes of magnetite mineralisation grading 27.6% iron at a 15% cutoff grade, or 1.59 billion tonnes of magnetite mineralisation grading 30.2% iron at a 25% cutoff.

 

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