Max Resource to complete Brazilian Iron Ore Property acquisition
The Florália DSO Project, located in the east of the city of Belo Horizonte, State of Minas Gerais, Brazil, is estimated to host an iron ore reserve of 8-12 million tonnes, with an average grade of 58% Fe. The value in the project lies in its abundant direct-shipping ore that has great potential for near-term development, according to Brett Matich, CEO of Max Resource.
Significantly, the property, within short distance to major iron ore mines of Vale and ArcelorMittal in the region and a number of DSO iron ore buyers, has easy access to local mining infrastructure, including railways, haul roads, mining services and personnel, the release noted.
Max Resource first announced its plan to purchase the Brazilian iron ore project in May this year, and in June it received conditional approval from the TSX Venture Exchange for the transaction, Mysteel Global has learned.
The Florália 2024 exploration program has commenced, consisting of channel sampling, structural mapping, and geophysical surveys in preparation for a diamond drilling program, the release said.
Source: Max Resource
Written by Irene Zhuang, zhuangailing@mysteel.com
Edited by Alyssa Ren, rentingting@mysteel.com
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