Fortescue Metals yesterday announced a 1.23 billion tonne inferred resource estimate for its Glacier Valley tenement area.
According to the company, the tenement has shown in-situ iron grades of 33% and quartz grades of 38.8%.
The iron grade could be boosted to a processed grade of 67%, based on a 29% recovery rate, the company said.
The resource estimate is based on 4681 samples taken from 36 holes in a two phase drilling program.
The tenement is approximately 100 km south of the company’s Herb Elliott port facility at Port Hedland and 25 km east of Fortescue rail line.
Glacier Valley has been held by Fortescue in a joint venture with an Australian subsidiary of China’s Baosteel Group since August 2007.