Nordic Iron Ore AB (NIO) is pleased to announce an increase in the Mineral Resources at its development of the Company’s 100%-owned Blötberget iron project in Sweden. This follows additional evaluation of the mineralisation in a North East extension to NIO’s current mining concession area. NIO is awaiting formal confirmation that the application for a mining concession for this NE Extension has been approved.
The updated geological model combines available historical data with the exploration work carried out in 2014 and which has significantly expanded the known dimensions of the mineralization and hence the Mineral Resources of the project.
See the table below which compares the newly calculated resources and those issued in the last Mineral Resource Estimate (“MRE”) in March 2015. A new MRE Report has been issued and is posted on the Nordic Iron Ore web pages.
Measured and Indicated (M&I) Resources have increased by over 15% and the Inferred Resources by 117% since the last evaluation in 2015.
Paul Marsden, Managing Director of NIO commented that “this is an important advancement of the project as it provides the basis of the current mine design phase of the feasibility study. Additional resources can provide a longer mine life and potentially more flexibility for returning early cash-flow to the project”
The Resource estimates were prepared by independent consultants, DMT Consulting Ltd (UK) and the “Qualified Person” is Tim Horner CGeol P.Geo (APGO), Principal Geologist of DMT. The resources have been compiled in accordance with JORC (2012) guidelines.Source: News Cision