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Home Steel News Venture Minerals upgrades Riley iron ore resources to meet JORC Code 2012
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Venture Minerals upgrades Riley iron ore resources to meet JORC Code 2012

24 Jun 2019 15:01 reported by Hazel Chen

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Venture Minerals has upgraded its iron ore resources to meet the standard of the Australasian Joint Ore Reserves Committee (JORC) in the Riley DSO project in northwestern Tasmania.

Prior to this, the company had been studying iron ore projects with a view to achieving strong research results and its goal was to start production of iron ore in the fourth quarter of 2019.

This project had a current reserve of 2 million tons with a grade of 57% Fe, which met the guidelines of the JORC Code 2012.

Venture Minerals was expected to issue tenders to the contractor, including the mining, processing and transportation of the Riley project. The project was only 2 km from the restricted road that accessed the existing railway and port facilities.

The company also signed Binding Terms Sheet for the Riley off-take with Prosperity Steel United Singapore Pte. Ltd., one of the global largest iron ore traders.

After operations of Riley Iron Ore Mine suspended in August 2014, Venture Mineral has proceeded care and maintenance of the mine. The company has done a lot of pre-production work at the project in order to restart operations and accelerate the project to enter the market.

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