The Western Australian iron ore explorer Flinders Mines Ltd (ASX: FMS) has confirmed in its March quarter report that it has a total resource of almost 1.5 billion tonnes of iron on its Pilbara Iron Ore Project (PIOP).
The company, now controlled by the Todd Corporation group of New Zealand, has moved from being a penny stock and some funds in the coffers, but only a thimble full of what is required to develop a billion dollar mine in WA’s far north.
The PIOP project is 70 kilometres from the established iron ore mining centre of Tom Price and holds established resources at PIOP’s Blacksmith and Anvil deposits.
The total resource was put at 1.484.2 billion tonnes grading 52.2% Fe.
The company said it was planning to complete its maturation report on the project in the final quarter of this year, and this would take a work stream including hydrogeological monitoring, metallurgical upgrade testwork, tailings testwork, JORC mineral resource estimates, high-level mine planning and process engineering preliminary reports.