05 FEBRUARY 2015Bauxite resources Press Release
Clarifying statement: Fortuna Scoping Study
Edited by : AL CIRCLE
2 min read
Bauxite Resources Limited refers to the market announcement “Positive Export DSO Bauxite Scoping Study Results Received For 100% Fortuna Project” released to the ASX on 21 January 2015 (the “previous ASX Release”).
The Company wishes to provide the following further clarification.
The purpose of the scoping study was to provide an early and preliminary assessment of the viability of the Fortuna bauxite project, and to assess infrastructure and transport solutions.
The Company wishes to make it clear that it is unable to make any production forecasts at this point in time, and the previous ASX release must not be interpreted as providing any production forecasts.
The JORC Code 2012 compliant mineral resources underpinning the scoping study are in the Indicated (15%) and Inferred (85%) categories. BRL advises that the scoping study results released are preliminary in nature. There is a low level of geological confidence associated with Inferred Mineral Resources and there is no certainty that further exploration work will result in the determination of Indicated Mineral Resources.
Investors are advised that the Company at this time has not identified an Ore Reserve, and has yet to establish the economic viability of the Fortuna bauxite project.
The scoping study has identified the need to undertake infill drilling in order to increase the level of confidence of the Fortuna deposit. The Company is optimistic that infill drilling will lead to a greater level of confidence in the Fortuna project as has occurred in the neighbouring Felicitas deposit (ASX Announcement 23 September 2014) in which BRL has a 30% interest.
The Company wishes to provide the following further clarification.
The purpose of the scoping study was to provide an early and preliminary assessment of the viability of the Fortuna bauxite project, and to assess infrastructure and transport solutions.
The Company wishes to make it clear that it is unable to make any production forecasts at this point in time, and the previous ASX release must not be interpreted as providing any production forecasts.
The JORC Code 2012 compliant mineral resources underpinning the scoping study are in the Indicated (15%) and Inferred (85%) categories. BRL advises that the scoping study results released are preliminary in nature. There is a low level of geological confidence associated with Inferred Mineral Resources and there is no certainty that further exploration work will result in the determination of Indicated Mineral Resources.
Investors are advised that the Company at this time has not identified an Ore Reserve, and has yet to establish the economic viability of the Fortuna bauxite project.
The scoping study has identified the need to undertake infill drilling in order to increase the level of confidence of the Fortuna deposit. The Company is optimistic that infill drilling will lead to a greater level of confidence in the Fortuna project as has occurred in the neighbouring Felicitas deposit (ASX Announcement 23 September 2014) in which BRL has a 30% interest.
Unlock full access – sign up for FREE.
Key benefits
Find exclusive data-driven insights and in-depth analysis
Get our daily newsletter delivered straight to your inbox
Access real-time and historical price trends from global indices
Post and respond to latest business leads
Stay ahead with alerts on learning tools
...and so much more!SIGN UP / LOGIN
Previous article
New bauxite mine in Bua expected to yield $16 million
Next articlePahang state government allows bauxite transport through Jalan Gebeng Bypass
Grow with
AL Circle
