Reserves & Resources
Reserves and Resource
The Project has defined a 6.9 billion tonne Mineral Resource and a 2.1 billion tonne Ore Reserve, reported in accordance with JORC Code 2012, and defined from only 25km of the 47km orebody identified. This positions the Zanaga Project as one of the largest iron ore deposits globally.
Ore Reserve Statement
| Classification | Tonnes (Bt) | Fe (%) |
| Probable Ore Reserves | 1.29 | 31.8 |
| Proved Ore Reserves | 0.77 | 37.3 |
| Total Ore Reserves | 2.07 | 33.9 |
Notes:
1. Long term price assumptions are based on an IODEX 62% Fe forecast of 60 US$/dmt (162 US¢/dmtu at 62% Fe) with adjustments for quality, deleterious elements, moisture and freight
2. Discount Rate 10%
3. Mining dilution ranging between 5% and 6%
4. Mining losses ranging between 1% and 5%
Mineral Resource Estimate
| Classification | Tonnes (Mt) | Fe (%) | SiO2 (%) | Al2O3 (%) | P (%) | Mn (%) | LOI (%) |
| Measured | 2,330 | 33.7 | 43.1 | 3.4 | 0.05 | 0.11 | 1.46 |
| Indicated | 2,460 | 30.4 | 46.8 | 3.2 | 0.05 | 0.11 | 0.75 |
| Inferred | 2,100 | 31 | 46 | 3 | 0.1 | 0.1 | 0.9 |
| Total | 6,900 | 32 | 45 | 3 | 0.05 | 0.11 | 1.05 |
Notes:
1.Reported at a 0% Fe cut-off grade within an optimised Whittle shell representing a metal price of 130 USc/dmtu.
2. Mineral Resources are inclusive of Reserves.
3. In-situ dry bulk density has been calculated on the basis of mineralised material type. Densities presented in this table are weighted average values.
4. The Mineral Resource was estimated as a block model within constraining wireframes based upon logged geological boundaries.
5. Tonnages and grades have been rounded to reflect appropriate confidence levels and for this reason may not sum to totals stated.