Aurox Resources Limited

Published : July 01st, 2008

(ASX: AXO) Aurox Delivers 46% Resource Increase at Balla Balla

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Keywords :   Australia | China | Iron | Lead | Phosphate |

ASX title

 

1 July 2008

 

ASX / Media Announcement

 

 

AUROX DELIVERS 46% RESOURCE INCREASE

AT BALLA BALLA 

 

Pilbara iron ore developer Aurox Resources Limited (ASX: AXO) is pleased to announce another significant development in its Balla Balla magnetite project, with a 46 percent increase to its Mineral Resource Estimate.

 

Aurox has upgraded the Balla Balla resource from 325 to 473 million tonnes. The upgrade follows in-fill and extension drilling completed earlier this year across the Western Pit area, and a recalculation of Inferred Resources along the 9.5 kilometre strike of magnetite mineralisation in the Far West area (please refer to figure 1 below).

 

Aurox Managing Director Charles Schaus said the results follow a resource upgrade in April, and continued to bolster the resource base at Balla Balla, as the Company moves toward production.

 

?This strong interim result is in line with our Balla Balla Resource and Reserve development plan. The Company is aiming to define a 650 million tonne Resource by the end of August and expects to exceed 1 billion tonnes before Christmas,? Mr Schaus said.

 

?At the same time we are advancing toward production at Balla Balla, with long lead items ordered, detailed engineering underway, and the signing of a recent port agreement further de-risking the project,? Mr Schaus said.

 

The Western Pit resource modelling was carried out by Golder and Associates. The resource model has been delivered to mining consultants Orelogy Pty Ltd for pit optimisation, mine design and scheduling work. An updated Ore Reserve estimate from this area is expected later in the month.

 

Meanwhile infill and extension drilling along the Far West area is scheduled for completion near the end of July. Resource modelling work to upgrade the low level Inferred Resources to Measured and Indicated Resources will commence once final assay results are received. Aurox anticipates a large upgrade of the Inferred Resources to Measured and Indicated Resource status thereby making the Far West area eligible for Ore Reserve conversion.

 

A map and corresponding long-section (please refer to figure 2 below) shows the location of the current Balla Balla Project Ore Reserves and Mineral Resources. The long-section also depicts the location of ?target resource tonnages? in anticipation of completion of the full drilling programme. 

 

 

BALLA BALLA MINERAL RESOURCES AT 1 JULY 2008

 

Western Pit Area

Class

Mt

Fe %

V2O5 %

TiO2 %

Measured

72.6

46.1

0.65

14.1

Indicated

19.5

46.4

0.71

13.5

Inferred

49.4

46.5

0.73

13.3

Total

141.5

46.3

0.69

13.9

 

Far West Area

Class

Mt

Fe %

V2O5 %

TiO2 %

Inferred

189

43.0

0.61

14.0

Total

189

43.0

0.61

14.0

 

Central-East Pit Area

Class

Mt

Fe %

V2O5 %

TiO2 %

Measured

95.1

40.7

0.56

13.0

Indicated

25.6

40.1

0.55

12.4

Inferred

21.9

40.1

0.57

12.3

Total

142.5

40.5

0.56

12.7

 

Total Balla Balla Mineral Resources

Class

Mt

Fe %

V2O5 %

TiO2 %

Measured

167.7

43.0

0.60

13.5

Indicated

45.1

42.8

0.62

12.9

Inferred

260.3

43.4

0.63

13.7

Total

473

43.2

0.62

13.6

 

Notes: 1) Mineral Resource figures quoted represent Total_Fe%.  Total_Fe% includes in-situ Fe-bearing minerals that are not amenable to magnetic recovery.  Magnetic recovery factors or assumptions have not been applied to the Mineral Resources. 2)  35% lower cut-off grades applied to the Western Pit Area Resource model whereas 20% lower cut-off grade used for Far West and Central-East Resource models.  3) Al2O3 and SiO2 respectively average 4.5% and 10.5% across the Resource, however the grade of Al2O3 and SiO2 in the iron concentrate averages1.5% and 2.5% respectively as significant portions are removed as waste during the concentrating process. 

 

 

Competent Persons Statements

 

On 30 April 2008 Aurox reported an increase to Measured, Indicated and Inferred Resources of the Central Pit and Eastern Block areas (now known as the Central-East Pit area) of the Balla Balla magnetite deposit. On 1 July 2008 Aurox reported an increase to Measured, Indicated and Inferred Resources of the Western Pit area at Balla Balla. The information in these reports that relates to Exploration and, Minerals Resources is based on information compiled by Matt Chinn and Richard Gaze who are both members of the Australian Institute of Mining and Metallurgy. Matt Chinn is a full-time employee of Aurox Resources Limited. Richard Gaze is a full time employee of Golder Associates. Matt Chinn and Richard Gaze haves sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which they are undertaking to qualify as a Competent Persons as defined in the 2004 Edition of the ?Australasian Code for Reporting of Exploration Results, Mineral resources and Ore Reserves.? Matt Chinn and Richard Gaze consent to the inclusion in the report of matters based on this information in the form and context in which it appears.

 

 

On 1 July 2008 Aurox reported an increase to Inferred Resources of the Far West area at Balla Balla. The information in this report that relates to Exploration and, Minerals Resources is based on information compiled by Matt Chinn and Charles Schaus who are both members of the Australian Institute of Mining and Metallurgy. Matt Chinn and Charles Schaus are full-time employees of Aurox Resources Limited. Matt Chinn and Charles Schaus haves sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which they are undertaking to qualify as Competent Persons as defined in the 2004 Edition of the ?Australasian Code for Reporting of Exploration Results, Mineral resources and Ore Reserves. Matt Chinn and Charles Schaus consent to the inclusion in the report of matters based on this information in the form and context in which it appears.

 

 

Figure 1

28 JUNE08 New Resources

 

 

Figure 2

1 JULY08 Long Section

 

 

CS sig GOOD

Charles Schaus

Managing Director

 

 

For further information regarding this announcement, please contact Charles Schaus.

 

Telephone: (08) 938 24477                                                                                               

Facsimile: (08) 9383 2012                                                                                                

Email address: mail@aurox.com.au

Visit the Aurox website: www.aurox.com.au

 

About Aurox

Aurox Resources Limited (ASX: AXO) is a Perth based metals developer with its primary asset the 100% owned Balla Balla iron ore concentrate project. The project is located near the coast, west of Port Hedland, in the renowned Pilbara region of Western Australia. Aurox is well advanced in the development of Balla Balla having commenced detailed engineering and securing orders for all long lead items such as crusher and mills. The Company has in place two 15 year sales contracts for a total of 6 million tonnes per annum increasing to 10 million tonnes per annum concentrate production in year 5 with major Chinese Steel Companies.

 

Balla Balla is based on a large homogenous magnetite ore body, which will be developed as one of the lowest cost magnetite operations in Australia. The project also has significant titanium and phosphate potential, and is located near major ports, gas and grid power with main highway access.

 

The Balla Balla Feasibility Study demonstrates strong project economics with magnetite iron ore shipments to China scheduled to commence in the second half of 2010 making Aurox Western Australia?s first magnetite producer.

 

 

BALLA BALLA LOCATION MAP

 

 

 

 ***

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Aurox Resources Limited

DEVELOPMENT STAGE
CODE : AXO.AX
ISIN : AU000000AXO6
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Aurox Res. is a gold and copper development stage company based in Australia.

Aurox Res. develops gold, copper, iron, titanium and vanadium in Australia.

Its main asset in development is BALLA BALLA in Australia and its main exploration properties are INDEE SOUTHWEST and YALGOO WADGINGARRA & CARLAMINDA in Australia.

Aurox Res. is listed in Australia and in Germany. Its market capitalisation is AU$ 143.1 millions as of today (US$ 145.4 millions, € 114.0 millions).

Its stock quote reached its highest recent level on July 20, 2007 at AU$ 1.55, and its lowest recent point on December 19, 2008 at AU$ 0.07.

Aurox Res. has 196 044 413 shares outstanding.

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