The company was shaken up last year when the board, under then-chairman and Atlas Iron founder David Flanagan, had a bust-up with its 55% shareholder and 15% Robe Mesa joint venture partner, millionaire prospector Creasy, over the best way forward for CZR.
Creasy got his way.
The company has now delivered a 52% boost in resources to 37.5 million tonnes, with the grade holding steady at 56%, or 62.6% calcined.
The boost reflects recent assays showing extensive direct shipping ore outside the prefeasibility pit design, allowing CZR to connect up the smaller PFS pits.
CZR said the indicated and inferred resource was now sufficient to support a project upsized from 2Mt per annum to 3Mtpa.
The company will now feed the larger resource into its mine planning and design work, as part of a definitive feasibility study that will aim to use closer export facilities.
The PFS examined a minimum five-year life, producing 2Mtpa of 55% iron, trucked 400km to Port Hedland, using a modest US$90/t price, but the company hopes to use the Onslow marine supply base if the Beadon Creek transhipping facilities are established.
Robe Mesa sits within the wider Yarraloola project, just 120km southwest of Karratha, and is directly south of Rio Tinto’s long-lived Mesa F deposit, but it remains open to the north on CZR’s tenure.
The junior is hoping to resume site activities over the next few weeks once the ground dries out following unseasonal heavy rainfalls across the Pilbara.
Diamond metallurgical and infill and extensional RC drilling are planned.
The company started the quarter with A$4.4 million cash.
