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Centrex ups Ardmore phosphate resource to 16.2 million tonnes

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.