Resources
The Resource Estimate is based on all drill hole assay data as of 14th February 2006 and covers a total strike length of 3.4 km. The Resource Estimate was prepared in compliance with the requirements of the Australian Code for the reporting Exploration Results, Mineral Resources and Ore Reserves (The JORC code, 2004 Edition).
The resources modelling utilised Inverse Distance Squared (ID2) grade interpolation within a block model has estimated an Inferred JORC compliant Resource Estimation of 17 million tonnes at 55% Fe, 14.9% SiO2, 2.8% Al2O3 and 0.02% P.
The primary uncertainty in the Resource Estimation is due to the lack of confidence associated with the estimation of the in-situ bulk density (IBD). An IBD of 3.5 g/cm3 has been applied to the global volume estimates of the Argyle Project Block Models, based on limited diamond drill core and surface samples. With more accurate estimations of the IBD utilising additional diamond core and down hole geophysical information, the confidence of the Resource Estimate can be increased to an Indicated or Measured Resource Estimate under the JORC 2004 code.
Planned Exploration
In order to obtain sufficient information for an indicated and/or measured JORC compliant resource estimate, diamond core is required. A diamond drilling program is under review and has been deferred.
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