A scoping study into ASX-listed Mutiny Gold’s Rocksteady iron project, in Western Australia, has proved positive, prompting the company to start the permitting process.
The Rocksteady project is hosted in Mutiny’s Gullewa tenement, which also plays hosts to the flagship Deflector gold project.
MD John Greeve said on Friday that while the Deflector project was Mutiny’s key project, the company had a multi-mine strategy which encompassed additional gold and iron mines.
“Our Gullewa tenements contain vast mineral wealth including 170 km of banded iron structure. Rocksteady is the first of potentially several iron deposits which may be commercially developed,” said Greeve.
The scoping study was based on an initial Joint Ore Reserves Committee-compliant resource of 650 000 t at 54% iron, and contemplated an openpit operation with an on-site plant potentially producing four products, including lumps and fines.
Greeve noted that Mutiny, along with a number of customers, had identified a window of opportunity to bring the iron-ore potential of Gullewa to the market through the growing iron-ore infrastructure assets being developed in the region.
“The completion of this study allows us to negotiate the key offtake contracts with a sound understanding of the project dynamics,” he added.
Greeve said that fundamentals of the proposed development included an exploration target of some 4.5-million tonnes of direct shipping ore, along with an estimated equivalent quantum in upgraded ore from the lower-grade waste to be mined as part of the operation.
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