bci 4yrs ago had nothing, aon can do it too, page-11

wALLY-

what you say about the grind size is correct.The silica content is high but still workable at a cost.

Cape lamberts mettalurgy is similar to Apollo and hosted within the same gelogical formation. As we recall this sold for a stunning figure ( 400 million ). Whilst I agree hematite is better with characteristic high grades found in the Pilbra, the Chinese have been dealing with poorer head grades ( 20% ) without an issue.

The beneficiation of magnetite can also include blending with more Iron rich sources therefore reducing the cost. I would think this would be possible particularly with the bigger steel mills which have historicaly had to deal with poorer grades.

I agree more drilling is required to ascertain some JORC standard. My question is what should the company do ;

a) Acquire another iron ore deposit ? hematite or

b) Continue on the drilling path to define the mettalurgy and tonnage in the ground.

Either way, our next door neighbours( Fox) have been valued at about 50 mill, with magnetite and essentially the same mettalurgy ( Mt Oscar).