Strike Resources Limited is an ASX listed resource company which is currently focussed on developing the high grade Apurimac Magnetite Iron Ore Project in Peru, from which it achieved its maiden shipment of 35,000 tonnes of high grade direct shipping iron ore (DSO) to customers in China in August 2021.

Strike is also the largest shareholder in battery minerals company Lithium Energy Limited (ASX:LEL).

Strike has been operating in South America since 2005, where it has been principally focused on developing its Apurimac Iron Ore Project in Peru, recognised as one of the highest grade, large-scale magnetite projects in the world with the potential to support the establishment of a significant 20 Mtpa iron ore operation.

Strike provides investors with exposure to a world class established asset in the Apurimac Iron ore Project.

The Apurimac Iron Ore Project 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 20 Mtpa iron ore operation.

The exceptionally high grade 57% Fe is almost twice as high as magnetite deposits developed in Australia; ore bodies are coarse grained and soft, resulting in cheaper processing costs once in production.

A pre-feasibility study completed in 2008 and updated in 2010 on the Apurimac Project indicated clear potential for development of a world-class iron ore project:

• JORC Resource of 269Mt of iron ore at Apurimac of 57.3% Fe (142 Mt Indicated at 57.84% Fe and 127 Mt Inferred at 56.7% Fe).
• Mineralisation predominantly high-grade, coarse-grained magnetite providing comparatively high mass recoveries (>60%) at coarse grind size (>500 microns).
• Excellent exploration potential within current concessions with several targets containing ironstones grading >60%Fe in similar geological settings to main Opaban concessions.
• Base case of 20Mtpa of concentrate produced by open pit mining and processing 20 – 27Mtpa of ore with transport of the high grade (>66%Fe) product to the coast via a slurry pipeline for drying and shipment to customers.
• Attractive life-of-mine operating expenses (2010) of US$ 17 – 20 per tonne of product. · Estimated capital expenditure (2010) of US$ 2.6 – 2.9 billion, competitive with other major iron ore projects at the time.

An initial drilling program at Apurimac established 269 Mt resources of high grade, coarse-grained magnetite with an average grade of 57.3% iron. Of this, potentially 67 million of Direct Shipping Ore (DSO) at an average grade of 61.5% Fe has been identified.

In 2021, the Company successfully shipped a total of approximately 50,000 tonnes of high grade lump iron ore from Apurimac, to customers in China and South America.