Centrex Metals Ltd. updated the mineral resource estimate for its Ardmore phosphate rock project in Northwest Queensland, Australia, to 16.2 million tonnes at 27.8% phosphorus pentoxide, or P2O5, using a 16% P2O5 cut-off.
The increase over the December 2017 estimate was realized in part due to a lower cut-off utilized based on the latest project information.
The company said June 1 that the new resource includes the previous estimate of 14.2 million tonnes at 29.3% P2O5, using the 19% P2O5 cut-off applied in the previous estimate.
A total of 14.4 million tonnes of the updated resource is hosted in the indicated and measured categories.
A scoping study for the Ardmore project pegged a pretax net present value, discounted at 10%, of approximately A$124 million to A$129 million, an internal rate of return of 39% to 42% and a three-year payback.
