No Data Available
Iron Mountain Mining Limited (IRM)
is a publicly listed company on the Australian Securities Exchange (ASX).
About Iron Mountain Mining
Iron Mountain Mining Ltd (ASX: IRM) is an Australian mineral explorer evaluating a number of highly prospective iron ore, gold, bauxite and nickel-copper sulphide projects. IRM holds a 50% stake in the Nendo Bauxite Project (Solomon Islands) on which it is presently undertaking initial exploration activities. In Australia, IRM holds numerous projects with minimal holding costs derived from joint-ventures, free-carried interests, royalties and milestone payments. IRM’s board is focused on developing the Nendo Project and acquiring value-adding project opportunities to complement existing assets.
Indicator Project, Vic.
The Indicator Project is comprised of Exploration Licence Application 5440 (20km2) in Central Victoria. The target is high grade quartz hosted gold mineralisation controlled by faulting and the presence of a ferruginous indicator. The application has been granted priority and is currently pending.
Miaree Project, WA
The Miaree Project (“Miaree”) is comprised of exploration licenses E08/1350, E47/1309 & E47/1707 (approximately 138km2) located approximately 30km southwest of Karratha in Western Australia. Iron Mountain Mining Ltd acquired the Red River Resources Ltd 39.75% interest in the Miaree Joint Venture (ASX announcement 24/04/15). Following the receipt of all requisite government approvals, the Company will become the 100% registered holder of Miaree tenements and have the freedom to explore the best commercial outcome for the project.
Mt. Richardson Project, WA
Cliffs Asia Pacific Iron Ore Pty Ltd (“Cliffs”) is the owner of E29/571 following finalisation of the sale of the Mt Richardson Project on 13 July 2010. Iron Mountain retains a royalty of 2% on average/tonne FOB sales value of iron ore product that departs E29/571 as well as a one off payment of AUD 0.50 per dry metric tonne on tonnages in excess of independently evaluated Indicated or Measured resources of 10,000,000 tonnes. Since acquiring E29/571, Cliffs have reported expenditure in excess of $15m. Future updates on the status of the Mt Richardson Project will be announced as provided by Cliffs.
Rogetta Project, TAS
Iron Mountain Mining Ltd has a beneficial interest in the Rogetta magnetite iron ore project in Tasmania which is currently progressing towards development under the management of Forward Mining Ltd. A Mining Lease (ML1996P/M) was granted over the proposed development site on 4 June 2015.
In 2012, Forward Mining Ltd acquired the Blythe Iron Ore Project in Tasmania from Iron Mountain Mining Ltd and the project was renamed Rogetta. Triggers for the post-production milestone payments and the production royalty were subsequently modified under the amended Blythe sale agreement. The Company is entitled to production milestone and royalty benefits from Rogetta including:
- A$1,000,000 upon the first shipment of iron ore from the Rogetta Project tenements
- A$2,000,000 upon the first anniversary of the first shipment of iron ore from Rogetta
- A$2,000,000 upon the second anniversary of the first shipment of iron from Rogetta
- A royalty of 1.5% payable on the gross Free on Board revenue from all shipments of iron ore from the Rogetta Project tenements
Wandoo Project, WA
Iron Mountain Mining Ltd retains a royalty of A$0.75 per Dry Metric Tonne on future production of bauxite ore transported from the Wandoo Project tenements following the sale of the project to Alpha Bauxite Pty Ltd in 2012. Total Inferred Resources (JORC 2004) of bauxite at Wandoo at the time of the sale was 89.4Mt @ 41.75% Al2O3 (ASX 05/05/11). Future updates on the status of the Wandoo Project will be announced as provided by Alpha Bauxite Pty Ltd.
Nendo Bauxite Project, Solomon Islands
- First phase auger drilling and pit sampling confirms extensive bauxite mineralisation at the Nendo Project
- Identified areas of mineralisation are significantly larger than historically defined
- Main area is approximately 12km x 12km and growing
- Average results to date from all samples include:
- 21% Al2O3 and 1.7% rxSiO2 (for Laboratory results +40% Al2O3 & <5% rxSiO2)
- 35% Al2O3 and 4.22% totSiO2 (for Field XRF results +40% Al2O3 & <7% totSiO2
- Deposit exhibits average depths of +3m, with some areas +6m
- Strong public support for Project activities – ongoing community engagement and awareness
- Iron Mountain is targeting high-quality bauxite amenable to direct shipping and low-cost development
Iron Mountain was recently pleased to announce it has identified extensive large-scale bauxite deposits from its initial phase of exploration at the Nendo Bauxite Project (“Project”) in the Temotu Province of the Solomon Islands (ASX Announcement date 7 July 2016).
The Company recently completed a comprehensive auger drilling and pit sampling program, which identified the presence of widespread high-quality bauxite mineralisation over a large area on the western end of Nendo Island.
The main target area presently defined by this work is approximately 12km by 2km and remains open to the east, within similar terrain.
Results to date indicate the tenor of Al2O3 content is fairly consistent, with little variation throughout the soil profile. Importantly, results show that mineralisation has low impurities and low reactive silica content.
The Company believes there is good potential to identify large areas of high-grade direct shipping bauxite mineralisation within the Project area.
Iron Mountain Mining Limited
33 Ord Street
West Perth, WA
+61 8 9481 4478
Fax: +61 8 9486 4833
The General Overview, Services, Products and Projects information for this profile was last edited on 09 Nov 2016.