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Strike Resources moves headquarters to Peru to focus on Apurimac iron ore project

Strike Resources moves headquarters to Peru to focus on Apurimac iron ore project

Strike Resources (ASX:SRK) has moved lock, stock and barrel to a new headquarter in Peru with the aim of focusing on its flagship Apurimac magnetite iron ore project.

It has moved majority of its key management and technical personnel to Peru, with the key focus for this year being to delineate further high grade magnetite iron ore resources at the project.

Additional magnetite resources at Apurimac would substantially enhance progress towards establishing a 15-20 million tonnes per annum iron ore operation in the country.

It late last year acquired 100% ownership of the project from its Peruvian joint venture partner D&C. 

The Apurimac project spans 600 square kilometres of highly prospective ground in the Andahuaylas-Yauri mineral province in the Apurimac district of southern Peru. The high grade provides potential for direct shipping ore (DSO) as well as producing high-quality product using conventional magnetic separation techniques.

The most advanced prospect, Opaban, currently contains iron ore resources totalling 269 Mt at an average grade of 57.3% Fe. The current focus of activities at Apurimac is to meet its exploration target of least 500 million tonnes of iron ore, including current the present resource, at a grade of 56-58% Fe to support the establishment of a 15-20 Mtpa mine.

It has access to $16 million in cash reserves, which are sufficient to support all exploration and development activities in Peru over the next 18-24 months.

But with a market capitalisation of $13 million and a share price of $0.09 a share, it is trading below its cash-backing at $0.11 a share.

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