Equinox Resources defines significant 108.5Mt 58.0% Fe DSO resource at Hamersley Iron Ore Project

Equinox Resources Limited (ASX: $EQN) has defined a large-scale, high-grade Direct Shipping Ore (DSO) component of its wider Iron Ore Resource, totaling 108.5Mt at 58% Fe. The resource is strategically located in the infrastructure-rich Pilbara region of Western Australia, approximately 30 km south of Fortescue Metals Group's Solomon Mining Hub (ASX: $FMG). The DSO mineralisation starts ~20 meters below surface and is likely to be easily mineable given the uniform nature of the deposit with no deleterious material present. Equinox is planning an infill Phase 1 drilling program of approximately 3,300 meters in the high-grade region of the forebody in H2 CY2024.

Equinox Resources Managing Director and CEO, Zac Komur, on the Hamersley Iron Ore Project

'At Equinox Resources, we're committed to advancing the Hamersley Iron Ore Project with a clear focus on accelerating its exploration and development. The reinterpretation of the Mineral Resource Estimate confirms an initial Direct Shipping Ore of 108.5 Mt at a grade of 58.0% Fe targeting the Platts 58% Fe Index and highlighting significant hematite mineralisation. By reassessing the resource and collaborating closely with our geological team, we've unlocked a clearer understanding of its true economic potential, whilst revealing unprecedented exploration upside. This MRE update lays the groundwork for targeting the higher-grade region of the ore body. Our Phase 1 drilling program for the second half of CY2024 is set to unlock this higher-grade region, further enhancing the resource volume and grade. These strategic efforts will pave the way for a comprehensive scoping study. This study will thoroughly evaluate alternative valuation scenarios, considering both the MRE for 58% Fe and a +60% Fe market index, with our decisions driven by a commitment to maximising value for shareholders.'

Outlook for Equinox Resources and the Hamersley Iron Ore Project

Equinox Resources' delineation of the significant 108.5Mt 58.0% Fe DSO resource at the Hamersley Iron Ore Project marks a pivotal milestone in the company's growth trajectory. The strategic location of the resource in the infrastructure-rich Pilbara region, coupled with the planned infill Phase 1 drilling program, underscores the company's commitment to unlocking the higher-grade region of the ore body and enhancing the resource volume and grade. The upcoming comprehensive scoping study will play a crucial role in evaluating alternative valuation scenarios, with a focus on maximizing value for shareholders. Equinox Resources remains dedicated to advancing the exploration and development of the Hamersley Iron Ore Project, leveraging the significant hematite mineralisation and unprecedented exploration upside potential.