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Location: 7.5 km SE from Andahuaylas, Peru
Suite 1, Level 1, 680 Murray StreetWest PerthWestern Australia, Australia6005
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On January 1, 2024, Good Importing International Pty Ltd (GII) has agreed to terminate the marketing agency and offtake arrangements granted to GII in respect of Apurimac in consideration for Strike transferring either directly or indirectly a 20% interest in Apurimac Ferrum S.A.C. (AF), the owner of Apurimac, to JE United Ltd (JEL) (a nominee/associate of GII). The investment structure in respect of the 20% interest in AF is pending finalisation and agreement with JEL. The Company notes that JEL will be called upon to contribute its (20%) share of funding towards the ongoing ownership costs of Apurimac and the development of Apurimac including the potential resumption of DSO mining operations.
Strike’s Apurimac Iron Ore Project in Peru is recognised as one of the highest grade, large-scale magnetite projects in the world with the potential to support the establishment of a significant iron ore operation.Indicated and Inferred Mineral Resource of Apurimac project has been defined at the main Opaban 1 and Opaban 3 concessions.In addition to the current JORC resource, there is significant exploration potential given the deposits are open at depth and along strike with extensive undrilled gravity and magnetic anomalies.The Opaban deposit is an iron skarn which lies within the Andahuaylas – Yauri skarn/porphyry Belt. The property geology comprises Cretaceous age limestones of the Ferrobamba Formation and intermediate to felsic intrusive rocks of the Apurimac batholith.The primary mineralisation is dominated by magnetite, generally medium to course grained. The surface expression is generally massive ironstones comprised predominantly of hematite and goethite which result from the weathering of the magnetite. Based on the outcrop patterns and drilling data the mineralisation is predominantly flat-lying, although the deeper breccia zones may well be more steeply dipping structures as they contain variable amounts of the underlying (diorite) batholith. There is an excellent correlation between the logged mineralisation and the zones of high Fe content and strong magnetic and gravity responses. The contacts with barren host rocks (limestone and diorite) are generally quite sharp. The mineralisation is generally flat-lying, following the distribution of the favourable limestone units although there is evidence of steeply dipping structures, mainly towards the base of the mineralised system. Given the majority of the drilling is vertical it is difficult to define these steeper dipping zones and hence the resource outline has been defined by the analytical data with gross control provided by the logging.DimensionsThe Opaban 1 resource has the following extents: Along strike (north-south) = 2500 m Down-dip (east-west) = 100 m to 500 m Thickness = 20 m to 150 m The Opaban 1 resource is continuous along strike although there is pinching and swelling with the average east west extent being approximately 250 metres and the average thickness of approximately 100 metres. In the southern portion of the resource the east west dimension reaches up to 500 metres and 150 metres true thickness. It remains open to the north and south although the geophysical signature indicates it is thinning or off-set and there is limited further strike potential. The deposit is relatively flat lying although there is evidence of a shallow to modest dip to the west based on drill sections and geophysical data and accordingly it remains open to the west, down dip. The resource crops out at surface and generally extends to depths of approximately 100 metres though this varies somewhat along the resource with the thickest (and widest) portions generally being in the south. Opaban 3 has extents of 300 metres along strike, 50 though there is pinching and swelling with the average east west dimensions of approximately 300 m by 100m by 75m. It is continuous along strike, generally flat lying and crops out at surface. Based on the drilling and geophysical data it is continuous but has limited potential to be extended with further drilling.
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