Announcement Date: 2022-10-24
Announcement Type: Deposit Estimation
Announcement Code: JORC
Company name: BCI Minerals Ltd.
Project name: Iron Valley
Location: Australia
Commodities: Iron,Alumina,Silica
Highlight: Updated mineral resources and ore reserves
Resources: only available to subscribers
CP/QP: only available to subscribers
Announcement summary: BCI Minerals Limited (ASX: BCI) (‘BCI’ or the ‘Company’) presents the Mineral Resources and Ore Reserves for Iron Valley as at 30 June 2022. The Iron Valley tenements are 100% owned by BCI and are being operated by Mineral Resources Limited (‘MIN’) under a royalty-type agreement. MIN operates the mine at its cost and purchases Iron Valley product from BCI at a price linked to MIN’s realised sale price. Iron Valley’s Mineral Resources and Ore Reserves as at 30 June 2022 are shown in the tables below, as prepared by MIN in accordance with JORC (2012) guidelines. Iron Valley’s Mineral Resources as at 30 June 2022 have decreased since last reported. Mineral Resources are 167.2Mt (refer Table 1), a decrease of 6.1Mt comprising 3.9Mt from mining depletion and 2.2Mt depletion of stockpiles. Ore Reserves are 54.5Mt as at 30 June 2022 (refer Table 2), a total decrease of 13.8Mt, comprising mining depletion of 3.2Mt, 0.9 Mt from stockpile depletion and 9.7Mt resulting from re-optimisation based on updated price and cost assumptions. Further commentary on the Mineral Resource and Ore Reserve estimates are provided below with the Competent Person’s Statements. The JORC Table 1 report is shown in Appendix 1.
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