Iron Valley - M47/1439
The Iron Valley Project is located on the Company’s 100% owned Weeli Wolli tenement in the eastern part of IOH’s Central Pilbara Hub. This Project is strategically located within close proximity of existing infrastructure, and is bordered by Fortescue Metals Group (FMG), Rio Tinto and BHPB.
IOH first announced a new, high-grade mineral resource hosted within the Brockman Iron Formation at Iron Valley in November 2008. In May 2010, following an intensive drilling campaign, the Iron Valley JORC Mineral Resource was increased to 240Mt @ 58.8% Fe from two zones of mineralisation extending over an area of approximately 6km by 0.8km. The Company announced an 8% increase in June 2011 to 259.1Mt @ 58.3% Fe.
Prefeasibility Study (PFS) Phase 1 has been completed with results supporting technical viability of a potential 12-15Mtpa operation for ~12-15 years. PFS Phase 2 will optimise mine layouts and economics, and progress long lead project development elements. All PFS level activities targeted for completion by mid-2012 and long lead Definitive Feasibility Study (DFS) level activities to commence early 2012.
The Iron Valley Project is well advanced in terms of pre-development requirements; more than 83% of the Iron Valley Mineral Resource is already in a JORC Indicated category, Native Title agreements are in place, environmental work is well progressed and the Mining Lease has been secured.
In February 2011, FMG announced the discovery of 1 billion tonnes of high grade Brockman Iron Formation at its Nyidinghu project, which contains contiguous mineralisation to IOH’s bordering Iron Valley Project.
Planned activity for 2011 :
- Mining Prefeasibility Study Phase 2
Iron Valley Project
Iron Valley – Site Exploration Camp