16 JULY 2014Bauxite Resources Press Release
Bauxite Resources adds to WA resources
Edited by : AL CIRCLE
2 min read
Explorer Bauxite Resources has increased the resource of its Athena bauxite deposit, in the Darling Ranges of Western Australia, by some 59%.
The Athena deposit was now estimated to host some 36.2-million tonnes, grading 32.8% alumina and 2.8% reactive silica.
The Athena deposit forms part of a joint venture (JV) between Bauxite Resources and a subsidiary of Shandong Bureau No 1 Institute for Prospecting of Geology & Minerals, HD Mining & Investments (HDM).
Under the terms of the JV, HDM could earn a 40% interest in the project by undertaking a feasibility study on the project area. The Chinese firm could earn a further 20% participatory interest in the resource after completing the feasibility study and advancing towards a decision to mine.
Bauxite Resources CEO Peter Canterbury told shareholders on Tuesday that the JV partners had identified two new potential project areas within the JV tenement areas, including the Athena deposit.
Combined, the two resource totaled 51.-million tonnes, which indicated that the region could emerge as a new bauxite district, Canterbury said.
“We have commissioned a scoping study and market evaluation investigation for our 100% owned Fortuna project, which are due for completion in September. It is envisaged many of the outcomes will also apply to Athena and Dionysus, placing us in a good position to explore the possible development of the HDM projects.”
Canterbury said that while the company’s focus would on Fortuna, Bauxite Resources was satisfied to be building a pipeline of projects.
The Athena deposit was now estimated to host some 36.2-million tonnes, grading 32.8% alumina and 2.8% reactive silica.
The Athena deposit forms part of a joint venture (JV) between Bauxite Resources and a subsidiary of Shandong Bureau No 1 Institute for Prospecting of Geology & Minerals, HD Mining & Investments (HDM).
Under the terms of the JV, HDM could earn a 40% interest in the project by undertaking a feasibility study on the project area. The Chinese firm could earn a further 20% participatory interest in the resource after completing the feasibility study and advancing towards a decision to mine.
Bauxite Resources CEO Peter Canterbury told shareholders on Tuesday that the JV partners had identified two new potential project areas within the JV tenement areas, including the Athena deposit.
Combined, the two resource totaled 51.-million tonnes, which indicated that the region could emerge as a new bauxite district, Canterbury said.
“We have commissioned a scoping study and market evaluation investigation for our 100% owned Fortuna project, which are due for completion in September. It is envisaged many of the outcomes will also apply to Athena and Dionysus, placing us in a good position to explore the possible development of the HDM projects.”
Canterbury said that while the company’s focus would on Fortuna, Bauxite Resources was satisfied to be building a pipeline of projects.
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