CuFe Ltd (ASX:CUF) has completed the first sale of fines from its JWD Iron Ore Mine in Western Australia, highlighting the delivery of the first JWD material to China.
In addition, the company intends to deliver two further parcels of lump this month totalling around 35,000 wet metric tonnes.
Notably, trials assessing recovery of high-grade material from mineralised waste stockpiles are completed with the decision made to continue processing that material given the grade achieved and rising iron ore prices.
At the Yarram Project, assays have been received and are being interpreted to release the maiden resource estimate early in 2023.
Meanwhile, at the office, CuFe has strengthened its board's skillset with the appointment of experienced lawyer Scott Meacock as a non-executive director.
Busy on multiple fronts
CuFe executive director Mark Hancock said: “The team continues to be busy on multiple fronts, continuing to ship tonnes from JWD and working on innovative ways to reduce costs.
“At Yarram we are now working to interpret the recent drilling to prepare a JORC resource, examining the opportunity to take advantage of shallow low-grade material and progressing heritage and environmental studies.
“I commented in our last ASX release about how I have seen many times before that iron ore prices rebound quickly once sentiment turns in China and that is playing out again here with the 62% price below $80 at the end of October and above US$107 on Friday, this is approaching the levels required to make mining at JWD attractive and we continue to stay ready to respond.”
Updates from Yarram
CuFe has received assays from the recent drill program at Yarram and work has kicked off on geological interpretations of this data and its tie into historical drilling by the previous project owner Territory Iron.
The recent drilling has intersected high-grade extensions along strike from known mineralisation and has collected sufficient information at the level of quality control that will enable the development of a maiden resource for the project.
A detailed aerial LIDAR survey has been completed in November and will also help inform the maiden resource, which is planned for release in early 2023.
Environmental studies are planned for mid-December 2022 including a vegetation and habitat assessment to assist in heritage and environmental approvals.
New director
Scott Meacock brings his extensive experience as external counsel acting in, and advising on, complex corporate and commercial law transactions and disputes for clients in a wide range of industry sectors including natural resources and financial services.
He currently serves as the CEO and general counsel of the Gold Valley Group, the company’s major shareholder.
Meacock holds a Bachelor of Laws (LLB) degree and a Bachelor of Commerce (BComm) degree from the University of Western Australia.
“I am pleased to welcome Scott to the board and look forward to working with him,” CuFe executive chairman Tony Sage said.
“As Mark has noted there is a lot happening in both the iron and copper parts of the business and with a positive outlook for both commodities, we expect 2023 to be a good year for CuFe.”