Legacy Iron Ore (ASX: LCY) is a Perth-based Australian exploration company, established to search for iron ore and gold deposits. The flagship project is Mt Bevan Iron Ore project located approximately 100 kilometres west of Leonora in the central Yilgarn region.
Mt Bevan is a joint venture between Legacy and Hawthorn Resources whereby Legacy will earn a 60% interest in the project by expending a minimum of $3.5 million to develop the project to a pre-feasibility status.
Legacy Iron Ore triples magnetite resource to 1.6Bt at Mt Bevan
By confirming the exploration target at Mt Bevan and increasing the JORC Inferred resource three fold to 1.6 billion tonnes at 30.2% iron, Legacy has identified a magnetite orebody with potential to significantly increase resource at depth and at other targets.
Legacy Iron Ore (ASX: LCY) has confirmed the exploration target at Mt Bevan and delivered to the market an almost three fold increase in the JORC Resource.
With India today signifying it may become a net importer of iron ore because of new projects stalling and steel demand growing this is good news for iron ore developers such as Legacy.
The Inferred Resource is now 1.6 billion tonnes at 30.2% iron (25% iron cutoff), with Legacy Iron soon to start work on increasing the confidence categories of the resource.
Although classed as an Inferred Resource, drilling to date has shown the mineralised body to have exceptional continuity both along the 10 kilometre of strike and down dip.
Sharon Heng, managing director of Legacy, commented on the positive outcome:
“This significant JORC resource increase provides further confirmation of Mt Bevan as a genuinely premier magnetite orebody with outstanding potential for extremely attractive project financials which are further enhanced by NMDC’s confirmed support.
"We continue to move forwards to defining a commercially viable resource.”
Mt Bevan is a joint venture between Legacy and Hawthorn Resources (ASX: HAW) whereby Legacy will earn a 60% interest in the project by expending a minimum of $3.5 million to develop the project to a Pre-Feasibility status.
Confidence category boost drilling underway
Legacy Iron remains extremely active at the project and later in the month will commence the phase three 7000 metre drilling campaign, which is targeted at upgrading the resource to the Indicated category.
So far drilling at the project has been conservative to only 300 metres, with the mineralisation remaining open - providing the opportunity for extensions to the strike being made.
Davis Tube Recovery
To date, extensive Davis Tube Recovery testing of mineralisation from phase two has produced very similar results to that of previous drilling.
Using a relatively coarse grind size of P80/50 – 55 microns, testing shows achievable grades of 69% to 70% iron and with high weight recoveries of around 45%. Silica contents at this relatively coarse grind remain low, averaging 3% to 4% with very low sulphur and phosphorus.
