The Ardmore phosphate rock deposit has been inferred to contain 12 million tonnes grading 28.7% phosphate, with Centrex’s estimate based on historical drilling from the 1960s through the 1980s and the ASX-listed company having recently “undertaken drill hole collar surveys using modern GPS”.
Centrex plans to undertake infill drilling in August, ahead of a feasibility study.
The overall concept is to truck product from Ardmore 90 km to the Mount Isa-Townsville rail line and export from Townsville through existing port facilities.
The resource is shallow dipping and is expected to be “free dig”.
The feasibility is planned to be completed in mid-2018.
Centrex had A$20.5 million cash at the start of last month.
The company made its name around the turn of the decade selling an interest in an iron ore project in South Australia to a Chinese firm.
Shares in Centrex were trading at 6.5c early this week, capitalising the company at $20.5 million.
