Fenix Resources Ltd. said March 19 that the total mineral resource at its Iron Ridge project in Western Australia increased 84% to 9.2 million tonnes at 64.1% iron, 3.36% silica, 2.66% aluminum oxide and 0.045% phosphorus using a 58% iron cutoff grade.
The new estimate incorporates results from the recently completed drill program at its flagship project.
The mineral resource hosts 72% in the indicated category, the first time a resource for Iron Ridge has been expressed in this category. The maiden indicated resource stands at 6.6 Mt at 64.5% iron, 3.14% silica, 2.51% aluminum oxide and 0.042% phosphorus.
The company started preliminary open pit planning and geotechnical work in a bid to start a feasibility study.