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Mt Mason
Jupiter has completed a substantial upgrade in the high grade hematite resource at its 100%-owned Mt Mason Project to 5.75 million tonnes at 59.9% Fe, 3.5% Al2O3, 7.4% SiO2, 0.064% P and 3.0% LOI using a 55% Fe cut-off grade.
Importantly the resource remains open to the north-east and further scope exists for extensional drilling. The resource model will require infill drilling to upgrade the current inferred Resource to indicated and measured categories.
In total 22 holes of RC drilling was completed totalling 2108 metres, the drilling generally displayed thick occurrences of massive hematite /maghematite and/or haematitic BiF.
Some magnetite was also seen, with a few holes intersecting basement ultramafic rock. the upgraded resource represents a 160% increase over the previous inferred resource announced in October 2007, and was the result of a very successful drill program which included significant intersections (holes 08RCmm09 (61m @ 65.5% Fe from 16m), 08RCmm013 (64m @ 60.6% Fe) and 08RCmm014 (64m @ 60.5% Fe) (Figure2)
Several internal shale units have been identified within the resource which have been excluded from the current resource estimate and reported as a separate material due to their close relationship with the mineralisation.
The potential project quantity and grade is conceptual in nature and there has been insufficient exploration to define a total potential mineral resource outside the current JORC compliant inferred Resource at Mt mason (5.75 million tonnes @ 59.9% Fe), and any potential resource at CYIP is conceptual in nature and is for exploration purposes only. There has been insufficient exploration and valuation to define total mineral resource for CYIP and it is uncertain if future exploration will result in the determination of a mineral resource.
Photograph 1. Mt Mason high grade hematite outcrop
Figure 1. Central Yilgarn Iron Project Location Map
Figure 2. Mt Mason Drill Hole Locations
Mining Consultant - David Milton (Mt Mason Inferred Resource) Competent Person
The information in this report that relates to Mineral Resources of Mt Mason is based on information compiled by Mr David Milton, who is a Member of the Australian Institute of Mining and Metallurgy and a full time consultant. Mr David Milton has sufficient experience in the type of deposits under consideration and to the activities undertaken to qualify as a Competent Person as defined in the December 2004 Editon of the Australasian Code for reporting Exploration Results, Mineral Resources and Ore Reserves and consents to the inclusion in the report of the matters based on his information in the form and the context in which it appears.