Centaurus Metals (ASX: CTM) has intersected 106 metres at 30.7% iron in the latest drilling at the Jambreiro Iron Ore Project in Brazil, where the company is targeting a resource upgrade next month.
In fill reverse circulation drilling has been completed at the Tigre and Cruzeiro deposits, which will form the basis of initial development at Jambreiro.
Highlight assays from the drilling programs include:
- 106 metres at 30.7% iron, 3.6% alumina and 0.03% phosphorous from 27 metres;
- 87 metres at 32.3% iron, 4.3% alumina and 0.04% phosphorus from 23 metres; and
- 59 metres at 32.9% iron, 3.8% alumina and 0.03% phosphorus from 15 metres.
Jambreiro hosts a JORC Resource of 116.5 million tonnes at 26.8% iron. Centaurus is aiming to release a resource update by the end of May, with a focus on upgrading the respective categories of the resource, rather than increasing the quantity.
This revised resource will form the basis of the Bankable Feasibility Study, which is underway, with Centaurus targeting production in 2013.