The project has also identified an additional joint ore reserves committee (JORC) compliant resource of 615 million tonnes at 28.86% iron at Northern and Southern Zones.
Current update is consolidated with resource of 1.23 billion tonnes at 29.79% iron announced earlier in September 2012.
The resource update is attributed to a feasibility study that involved the completion of 100,000m of drilling on the project .
The uncertainty of export infrastructure for magnetite concentrate along with increasing cost led the miner to block further expenditure in early November 2012.
Jupiter states that now the focus is to draw optimal capital and operational expenditure based on feasibility study, making the project financially viable.
