The maiden resource includes 16.8 million tonnes at 55.1%Fe grade potential direct shipping ore (DSO) that requires simple crushing and screening to produce an approximate 58% iron product.
Commenting on the findings Nemex Resources managing director Peter Turner stated that given the current developed resource the company has set itself a target of 50 million tonnes -100 million tonnes at 50%-60%Fe grade.
"Nemex will now investigate early cash-flow from mining the high-grade potential DSO iron mineralization and utilizing the various nearby rail and port options.
"Having the infrastructure largely in place and a potential DSO iron product are two very good boxes to tick," added Turner.
The company is now keen to completing the first phase of metallurgic test work on DSO samples besides seeking potential customers before seeking further development options.
