Red Hawk Mining (ASX:RHK) has announced an upgrade for the mineral resource incorporating the company’s Eagle Deposit.
“Red Hawk is pleased to announce an MRE for Direct Shipping Ore (DSO) for the Eagle deposit at the 100%- owned Blacksmith Iron Ore Project of 71.1Mt at 57.4% Fe,” the company wrote on Friday. Of that, over 99% is in the mid-range-confidence indicated category.
The addition of Eagle grows out the entire Blacksmith MRE to 243Mt of ore at 59.3% iron.
“The addition of the updated Eagle deposit resource to the total Blacksmith MRE continues the work Red Hawk has been advancing over the past year to develop a higher-grade DSO iron ore project,” Red Hawk MD Steven Michael said.
“Our Pre-Feasibility Study released in May this year incorporated four re-interpreted Blacksmith deposits – Delta, Paragon, Champion and Blackjack.
“With the addition of the Eagle deposit, the Blacksmith total MRE increases to over 240Mt, which will form the basis of the Definitive Feasibility Study due to commence in the current quarter.”
RHK last traded at 82cps.