FMG hits new high on virgin discovery

Shares in Fortescue Metals Group jumped more than 26% or A$13.46 on the Australian bourse today, on the maiden resource of a new iron ore discovery in its Solomon project area in the Pilbara, with executive director Graeme Rowley saying it could rival the company’s Chichester Ranges project, according to reports on

The release of an Inferred resource of over 1,000 Mt for the Serenity area, which covers one-third of Solomon, prompted FMG’s shares to surge to an all-time high of $64.99 – its biggest one-day jump this year, MNn reported.

The JORC-compliant resource comes in at 1,014 Mt at 56% Fe, 7.3% Si, 3.8% Al, 0.08% P and 8.06 loss on ignition.

Included in the resource is a defined 337 Mt of channel iron deposit – similar to that mined at Yandicoogina and Mesa J – averaging 56.7% iron, the report said.

Rowley said the deposit was close to surface with an overburden of around 20 m and is consistent throughout.