The company booked a material upgrade to its Indicated resource, which rose 50% to 1.5 billion tonnes.

For Magnetite Mines (ASX:MGT), a diligent and methodical approach to developing its Razorback High Grade Iron Ore Concentrate Project continues to pay off, after the company announced an important new resource upgrade this morning.

The upgrade is the result of MGT’s advanced pre-feasibility study (PFS), which involved a re-modelling of the deposits using gridded seam modelling software (MINEX) to improve geological understanding of mineralisation distribution distribution therefore optimise mining assumptions..

The high-resolution modelling, carried out in partnership with McElroy Bryan Geological Services (MBGS) and Widenbar and Associates, allowed MGT to further optimise its mineral resource estimate.

Of particular note is the fact that MGT’s Indicated mineral resource – where an assessment can be made at a higher level of confidence than an Inferred mineral resource, in line with JORC standards – has now increased materially.

MGT announced a 50 per cent improvement in the total Indicated mineral resource at Razorback, to 1.5 billion tonnes.

Combined with an Inferred mineral resource of 1.5 billion tonnes, total tonnage at the site has now increased to 3 billion tonnes.

To view more of this this article please click here.