Yalgoo Iron Ore Project (YIOP) is centrally placed within Western Australia’s emerging Mid-West Iron Ore Province (Figure 1). During March 2010 Venus signed the Yalgoo Farm In and Joint Venture Agreement with HD Mining & Investment Pty Ltd (HD Mining), a subsidiary of Shandong Provincial Bureau of Geology & Mineral Resources based in Jinan, China. HD Mining has earned 50% in the iron ore rights at Yalgoo.
A JORC 2012 compliant total Magnetite Mineral Resource of 698.2 Million Tonnes (being an Indicated Resource of 311.2 Mt and an Inferred Resource of 387 Mt) was estimated for YIOP (based on the drilling data of 169 RC holes (29,977m) and 11 Diamond holes (3,088m) by Geological consultants Widenbar and Associates (ASX Release: 16 February 2015).
Figure 1. Location of Yalgoo Iro Ore Project
The Indicated and Inferred Magnetite Mineral Resources are summarised below in Table 1.
Table 1. JORC 2012 Yalgoo Magnetite Mineral Resource Summary
Department of Mines & Petroleum (DMP) granted Mining Lease M59/742 for 21 years.
Recently Department of Mines and Petroleum (DMP) has granted an expenditure exemption for 5 years (until July 2019) for Yalgoo Iron Ore Project Mining Lease (M59/742).
L. Widenbar, 2015, “Yalgoo Project Resource Estimate Summary Report Updated to 2012 JORC CODE”- Internal Communications