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wonarah resource statement by rio tinto

  1. 12,639 Posts.
    I thought that this might be of great interest to post.

    It will be interesting and exciting to see how MAK's drilling enhances this statement. :)

    Cheers!

    Champ


    Wonarah Phosphate Project - Resource Statement
    Document date: Thu 24 Jan 2002
    Published: Thu 24 Jan 2002 15:10:28
    Document No: 209821
    Document part: A
    Market Flag: Y
    Classification: Progress Report - Other

    AKD LIMITED 2002-01-24 ASX-SIGNAL-G

    HOMEX - Perth

    +++++++++++++++++++++++++
    Rio Tinto has reported a revised Inferred Resource estimate of 72 Mt
    @ 23% P2O5 for the Wonarah phosphate deposit in the Northern
    Territory.

    This revised resource estimate is based on a review of the drilling
    data which focused on geological/grade continuity and revealed an
    increase in grade but a decrease in tonnage from that previously
    reported. However, additional mineralisation, intersected outside the
    resource area has not been included in the resource estimate.

    The revised resource estimate (using a 15% P2O5 cut-off grade) is
    based upon data from the 2000 drilling programme plus an additional
    37 holes drilled within the area of the block model as part of a 71
    hole programme undertaken in May and June 2001.

    All drilling data used in the initial resource estimate (115 Mt @
    22% P2O5) was used in the update. As in the initial estimate the
    resource has been calculated for the mudstone phosphorite unit only
    and the underlying, lower-grade, chert-phosphorite unit was again
    excluded from the resource as it is a transitional unit of limited
    extent. Geological unit and block model parameters used were the same
    as for the initial estimate. The drilling, along with a more rigorous
    definition of the geological units in the existing holes has modified
    the geological model with a reduced continuity, leaving gaps in what
    was previously considered continuous Mudstone Phosphorite. This has
    resulted in a decrease in the tonnage that was previously reported.

    Potential remains for additional high-grade ore at Wonarah. As
    reported previously, drilling in the southwest has identified a new
    zone of moderate to high-grade phosphorite mineralisation 15km from
    the current resource at relatively shallow depths. Furthermore, at
    Arruwurra, 25km to the southwest, rock chip samples of mudstone
    phosphorite returned a maximum assay of 35.5% P2O5 with low
    corresponding alumina and iron.

    Meanwhile world di-ammonium phosphate ("DAP") fertiliser prices
    continue to recover and sale prices of US$154/tonne have been
    recorded in January 2002.

    Rio Tinto has an 80% interest in the project having spent a total of
    $2.4 million in exploration and will free carry AKD's 20% interest in
    the project through to a decision to mine or by spending $10 million
    in expenditure, whichever comes earlier.

    Z A Sas
    MANAGING DIRECTOR

    NB: The information in this report that relates to Mineral Resources
    is based on information compiled by Alan Stanley Millar, who is a
    Member of the Australasian Institute of Mining and Metallurgy. Alan
    Stanley Millar is a full-time employee of Rio Tinto Exploration Pty
    Ltd and has sufficient experience which is relevant to the style of
    mineralisation and type of deposit under consideration and to the
    activity which he is undertaking to qualify as a Competent Person as
    defined in the 1999 Edition of the "Australasian Code for Reporting
    of Mineral Resources and Ore Reserves".
 
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