Ironveld says thecompleted drilling campaign on the farms La Pucella, Altona and Nonnenwerth have led to an updated mineral resource estimate and increase in the grade of the company's MML mineral resource to 48% Fe and 1.12% Vanadium pentoxide (V2O5).
The new mineral resource estimate includes a portion of 'measured' mineral resource of 1.58 million tonnes of iron. In addition, 27.26 million tonnes of iron are now declared in the 'indicated' category.
Chief executive Peter Cox said: "We are delighted with the publication of the company's first 'measured' mineral resource. Alongside the significant increase in the 'indicated. category, these results reaffirm our confidence and belief in the project's potential to be developed into a world class pig iron project.
"Following the recent publication of the positive PFS, the increase in both the Iron and Vanadium grade within the MML announced today is expected to have a favourable impact on the project's economics and margins."
At 8:11am: [LON:IRON] share price was +0.63p at 9.5p
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