Pluton Resources has announced a 450 per cent increase in the iron ore resource estimate at its Irvine Island project.
The Company's exploration program achieved better-than-expected results taking the current total iron ore resource estimate at Hardstaff Peninsula, from 54 million to 294 million tonnes.
In a statement, Pluton's managing director Tony Schoer said the program is less than half completed.
He said that the highest grade prospects are yet to be explored.
Pluton now expects the final Irvine Island resource, in terms of tonnage, to be bigger than the Koolan and Cockatoo mine sites combined.
Mr Schoer said the exploration results indicated the proposed mining operation at Irvine Island would be highly profitable.
"We are anticipating capital investment of around A$350 million which includes beneficiation plants and ship loading facilities," he said.
"This has the potential to be an operation of State and National significance - and an important economic initiative for the Mayala people," said Mr Schoer.
