Riley DSO Project
The Riley DSO Project is located 10km from the Mt Lindsay Project and occurs as a hematite rich pisolitic and cemented laterite. The deposit is all at surface, located less than two kilometres from a sealed road that accesses existing rail and port facilities.
Resources at Riley were defined following the completion of 318 test pits on a 100m by 50m grid. Following crushing, screening and assaying the samples delivered a consistent grade averaging 57% Fe over the 2 million tonne resource, details include:
|
Resource |
Tonnes |
Fe (%) |
Fe (%) Calcined |
SiO2 (%) |
Al2O3 (%) |
P (%) |
S (%) |
Cr (%) |
LOI (%) |
|
Inferred |
2.0mt |
57 |
61 |
3.5 |
2.6 |
0.03 |
0.08 |
2.7 |
7.5 |
* Please refer to ASX announcement dated 20 March 2012 for further details and see appendix one for parameters
With the addition of the Riley resource the Company doubled its overall DSO resource base to 4.4mt at 57% Fe. With such a significant upgrade Venture immediately commenced a Scoping Study Upgrade. The results of the new study were overwhelmingly positive delivering $170 million in net revenue generated from a capital requirement of less than $7m.
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