Red Rock Resources has unveiled a 67mln tonne maiden iron ore resource for the Havik East area of the Melville Bugt project in Greenland.
The 67 million tonne resource has an iron grade of 31.4% and is defined within an optimized whittle pit shell. Additionally, Red Rock says initial metallurgical testing yielded a high grade concentrate averaging 70% iron.
Red Rock’s work has also identified twelve exploration targets potentially hosting between 158 million tonne to 474 million tonne, with estimated grades of 27% to 47%.
Mr Andrew Bell chairman of Red Rock Resources said that "It is a remarkable achievement to have gone into this virgin area and developed a resource in two field seasons and simultaneously sample, map and test the area, besides establishing a substantial camp and facilities.”
Mr Bell said that “Inevitably there is much we have still to do, in particular to access and test our best haematite target and to find further haematite targets, since our geophysical magnetic data is no help in this.”
A majority stake in the Melville Bugt project is currently in the process of being sold to an industry partner.