Our goal is to move each of our projects along the development pathway and in doing so increase shareholder value.
Iron Ore - Mt Forrest Project
Mindax’s flagship project is the Mt Forrest iron project in the Yilgarn Province. This is a world scale iron ore resource. The Company has over 1.7billion tonnes JORC resource which contains 27.1Mt DSO and the balance as a large Magnetite resource. There are also several prospective areas which have not yet been drilled. A positive updated scoping study was issued in November 2013. The future production scenario is for mining 2Mt of DSO per annum for 5 years.
In October Mindax signed a JV agreement with Hong Kong-based Perpetual Mining Holding Limited securing Mt Forrest's future and fast tracking to production. First DSO mining will occur in 2015, with first sales by the end of that year coincident with the expected upgrade of Esperance Port.
Uranium – Yilgarn Avon Project
Mindax has discovered a new Greenfield uranium province near Mukinbudin in the Yilgarn Avon region. A maiden 3.2Mlb JORC resource has been established from scout drilling. There is Sandstone hosted Uranium mineralisation from which the uranium can be extracted by simple, environmentally friendly and low intrusive in-situ recovery using small diameter (<0.05M) bores. There is considerable prospectivity in this area. Scout drilling in 2013 located four new high grade targets at Mukinbudin. The company owns over 80% of the project in a Joint Venture with strategic partner Quasar who operate the Beverley uranium mine in South Australia.
Gold – Meekatharra Project
The Company has a highly prospective gold project at Meekatharra in a region which is well known for gold. The project is 40km from Meekatharra & 25km along strike from Paddy’s Flat (+2.5M oz). It is also along strike (2km) from a new 300,000 ounce gold discovery (Doray Minerals – Andy Well Project) which is scheduled for first production during 2013. The mineralised structures continue south into the Mindax tenement. Mindax announced a new Farm-in agreement with Messrs Zhuang in October 2012 for $2.5M of funding over 3 years. Scout drilling in the first half of 2013 identified several high grade targets.
Copper (Gold) – Mortlock Project
Mindax has an exploration project for copper (and gold) at Mortlock. Initial exploration has identified four priority targets. The 2013 drill program located a supergene copper blanket overlying one of the targets. The Company owns over 80% of the project in a joint venture with Quasar
Figure 1: Location of Mindax Projects