Emerging junior iron ore producer Iron Ore Holdings (IOH) has announced an upgraded resource of 160 million tonnes at its 100% owned Iron Valley Project in the Pilbara region of Western Australia.
The new resource is an 80% increase over the company’s initial announcement of 88 million tonnes made in March this year.
According to IOH managing director Matt Rimes, Iron Valley represents a significant discovery in Western Australia’s iron ore market.
“It is perhaps one of the best direct shipping iron ore discoveries in the Pilbara in recent times,” he said.
IOH said it plans to continue aggressive exploration in the region, and anticipates additional tonnage from a drilling program to begin in September.
“The company is well placed to continue the success of its exploration team,” Rimes said.
The next step for the company is to begin mining and processing the ore in order to introduce it to the market.
“The focus for the project will now be consideration of development options for bringing the ore to market,” Rimes said.
“A scoping study is well advanced to estimate capital and operating costs for Iron Valley.”
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