Freehill Mining Limited (ASX:FHS) Reports Successful Magnetite Bulk Sample
Bulk Sample Test Results
Freehill Mining Limited (ASX:FHS) has successfully completed magnetic test work on a 400kg bulk sample from its Yerbas Buenas Mine in Chile, achieving a product grade of 65.75% Fe from material crushed to 6 millimetres.
Future Plans
The positive results provide a foundation for further magnetic testing with finer crushing sizes to potentially increase concentrate quality. The company will advance mine planning, evaluate permitting scenarios, and define the necessary capital expenditure to resume magnetite mining from the historical pit.
Executive Comments
Chairman Ben Jarvis stated, “We are very encouraged by this result and material of this grade is perfectly marketable to a wide range of potential customers. After we complete some further test work as noted above, our intention is to recommence magnetite mining as soon as we complete the appropriate mine planning, define the necessary capex and determine the scale of the processing operation. Freehill’s Board is committed to unlocking the value of its higher value commodities and the magnetite at the historical YB mine is another compelling, low capex, near term revenue generating opportunity for shareholders.”
Chief Executive Officer Paul Davies added, “As well as the progress we are making at YB, our aggregates business continues to take shape with our team now fully focused on mobilising to our new site. Further expansion opportunities beyond this site are well-advanced and we are encouraged by the pipeline of potential new supply agreements.”
Motley Fool contributor Kiarra Jackson has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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