IMO Nothing's wrong doing trial mining, clearly stated in previous announcement its main purpose is to gather mining economics data for YB1 structure only. It says drilling too.
The declaration of a maiden Mineral Resource Estimate is a significant milestone for the Company and isbased on the drilling of only one of seven magnetite exploration target structures within the Yerbas BuenasProject area. The results are particularly significant because the total Resource far exceeds the 3.1-6.2 Mt estimated forYB1 contained in the Exploration Target1(see ASX announcement Operations Report, 12 April, 2018). TheYB1 structures magnetic footprint represents only 9% of the project’s mineralised area.
JORC Mineral Resource Estimate for the YB 1 Structure totals 18.4 Mt @15.1% Fe (Inferred plusIndicated)
The declaration of a JORC Mineral Resource, coupled with data collected during the trial mining,processing and sale of magnetite undertaken during the past two years now places the Company in asolid position to expedite a Feasibility Study
Completion of a Feasibility Study during this year will augment the Company’s application to the Chileanauthorities to substantially increase permitted mining and production levels in readiness for construction of anew purpose built processing plant. Additional drilling on the YB1 structure is also expected to enableelevation of both the tonnes and grade of the iron mineralisation to higher confidence levels.
Looks to me we are on the right track, almost a month and half now since this was announced, wonder what is happening now behind the scene, some financing negotiation perhaps. An update would be good to calm the nerves and would at least keep us afloat with the waves iron ore news making.
FHS Price at posting:
1.6¢ Sentiment: None Disclosure: Held
