Fortescue announces billion tonne maiden resource

Fortescue Metals has announced a maiden resource estimate of 1.23 billion tonnes at its North Star tenement.

Fortescue Metals has announced a maiden resource estimate of 1.23 billion tonnes at its North Star tenement.

Of this resource, approximately 25% or 310 million tonnes is indicated, with the remaining 920 million tonnes inferred.

The deposit is 100 kilometres north of Fortescue’s Herb Elliot port facilities at Port Hedland, and located only 25 kilometres from the miner’s existing rail infrastructure.

Preliminary results have indicated a magnetite resource with a grade of Fe 32%, and a potential processed grade of Fe 67%.

Exploration and drilling is ongoing.

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