Akora Resources (ASX: AKO) has announced a 35% increase in the indicated and inferred mineral resource estimate (MRE) at its Bekisopa project in Madagascar.
The new MRE of 10.6 million tonnes grading 54.8% iron replaces the previous resource announced in May of 7.9Mt at 58.9% iron, which followed drilling and study work highlighting the potential to significantly expand the iron ore opportunity.
The updated estimate includes 2.1Mt of intermediate-grade material at 39.9% iron, with recent metallurgical test work showing that this can be upgraded to saleable product grades.
Akora has also confirmed a 27% increase in the indicated direct shipping ore (DSO) resource, from 5.2Mt to 6.6Mt at 59.7% iron.
The new MRE reflects a 93% increase in the indicated DSO and intermediate-grade resource from 4.4Mt at 60.9% to 8.5Mt at 55.4% iron.
The company will incorporate the updated tonnage into the Bekisopa pre-feasibility study planned for release in March.
Akora managing director Paul Bibby said the increased resource would improve the project’s economics.
“The increase to 8.5Mt of indicated DSO resource is only from drilling along half of the 6-kilometre strike length at Bekisopa,” he said.
“Our future drilling campaigns are expected to further increase resource tonnes and extend the project’s start-up mine life.”
Akora expects Bekisopa’s start-up Stage 1 DSO operation to supply up to 2Mt per annum of high-grade (60% iron) lump and fines product from near-surface weathered zone mineralisation for use by blast furnace-basic oxygen furnace steelmakers.
It will deliver an initial five-year revenue of around $842 million to support the development of a potential Stage 2 green steel zone, which would produce a low-impurity, premium-grade (>67% iron) concentrate.
“The more lump iron ore product we can deliver, the better, as it is the preferred feed material for blast furnace steelmakers,” Mr Bibby said.
“The higher grades attract a premium price, which would considerably enhance Bekisopa’s financials.”
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