The 50% owned Ophthalmia Iron Ore Project is located within approximately 30km north to northeast of Newman in East Pilbara region of Western Australia (Figure 3). It is the most significant iron ore project for the company outside of its flagship Marillana Project and consists of a total of nine tenements including three Retention Licences (R 47/13, 15, and 16) and six Exploration Licences (E47/1598, 2280,2291, 3594, 4240, and 4655) occupying a total of 102.5 km2.
Since the discovery of significant occurrences of bedded hematite mineralisation by field reconnaissance mapping and surface sampling in August 2011, major exploration drilling programmes from 2011 to 2014 have provided the basis for the estimation of a total Mineral Resources of 341 Mt grading 59.3% Fe (Table 5).
The resource estimate, announced on 1 December 2014 on ASX, was carried out and compiled in accordance with guidelines provided in the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code, 2012).
| Deposit | Class | Tonnes (Mt) |
Fe (%) |
CaFe* (%) |
SiO2 (%) |
Al2O3 (%) |
S (%) |
P (%) |
LOI (%) |
|---|---|---|---|---|---|---|---|---|---|
| Coondiner (Pallas and Castor) |
Indicated | 140.5 | 58.5 | 62.0 | 5.18 | 4.46 | 0.007 | 0.176 | 5.71 |
| Inferred | 17.1 | 58.1 | 61.5 | 6.06 | 4.45 | 0.008 | 0.155 | 5.47 | |
| Sub Total | 157.6 | 58.4 | 62.0 | 5.27 | 4.46 | 0.007 | 0.174 | 5.68 | |
| Kalgan Creek | Indicated | 34.9 | 59.3 | 62.7 | 4.08 | 4.57 | 0.009 | 0.183 | 5.49 |
| Inferred | 24.4 | 59.5 | 63.2 | 4.38 | 3.90 | 0.007 | 0.157 | 5.81 | |
| Sub total | 59.3 | 59.4 | 62.9 | 4.21 | 4.29 | 0.009 | 0.173 | 5.63 | |
| Sirius | Indicated | 105.0 | 60.4 | 63.7 | 3.54 | 3.97 | 0.007 | 0.178 | 5.22 |
| Inferred | 19.0 | 60.2 | 63.4 | 4.09 | 3.83 | 0.009 | 0.168 | 5.14 | |
| Sub total | 124.0 | 60.3 | 63.6 | 3.62 | 3.95 | 0.007 | 0.177 | 5.20 | |
| Ophthalmia Project | Indicated | 280.4 | 59.3 | 62.7 | 4.43 | 4.29 | 0.007 | 0.178 | 5.50 |
| Inferred | 60.5 | 59.3 | 62.8 | 4.76 | 4.03 | 0.008 | 0.160 | 5.50 | |
| Total | 340.9 | 59.3 | 62.7 | 4.49 | 4.24 | 0.007 | 0.175 | 5.50 |
The project has become subject to a 50:50 Farm-in Joint Venture (Ophthalmia JV) between Brockman East Pty Ltd (a wholly owned subsidiary of Brockman) and Polaris (a wholly owned subsidiary of MinRes) since late 2021. Under the agreement, Polaris has been the manager of the project and will provide the future infrastructure solution for the project as the second priority after the Marillana JV project.
A programme of work continues at Ophthalmia, including mine planning studies, transport corridor studies, environmental surveys and approvals planning. Polaris and Brockman have decided to reduce the programme in order for MinRes to focus on finalising the arrangements for the new iron ore export facility at SP3 to allow the parties to prioritise development of the Marillana project.