It is reported that Red Rock Resources' 3.61% associate Jupiter Miners has revealed a new resource estimate for the Mount Ida project which is well ahead of expectations.

The project's iron ore resource has more than doubled, increasing 132%, to 1.23 billion tonnes with an ore grade of 29.79% and a concentrate grade of 66.65%.

Also 82% of the resource is now within the indicated resource category, which reflects a greater confidence in the estimate.

Jupiter is currently working on a feasibility study for a proposed mining operation. The study is expected in the second quarter of 2013.

Mr Andrew Bell chairman of Red Rock said that "Once again a Resource estimate at Mt Ida has come in well ahead of expectations, with the quality of the expected sale product again confirmed. We look forward to continued progress at Mt Ida."

In addition to its 3.61% stake in Jupiter, Red Rock also owns a 1.5% production royalty, although earlier this year it agreed to sell half of the royalty so it will receive a 0.75%.

Source - Proactive Investors

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