Legacy Iron Ore has confirmed the exploration target at Mt Bevan and delivered to the market an almost three fold increase in the JORC Resource.

With India today signifying it may become a net importer of iron ore because of new projects stalling and steel demand growing this is good news for iron ore developers such as Legacy.

The Inferred Resource is now 1.6 billion tonnes at 30.2% iron (25% iron cutoff), with Legacy Iron soon to start work on increasing the confidence categories of the resource.

Although classed as an Inferred Resource, drilling to date has shown the mineralised body to have exceptional continuity both along the 10 kilometre of strike and down dip.

Ms Sharon Heng MD of Legacy, commented on the positive outcome “This significant JORC resource increase provides further confirmation of Mt Bevan as a genuinely premier magnetite orebody with outstanding potential for extremely attractive project financials which are further enhanced by NMDC’s confirmed support. We continue to move forwards to defining a commercially viable resource.”

(Sourced from www.proactiveinvestors.com)