The announcement follows recent lab testing of 26 drill samples from an area of 9.2km² of the 400km² tenements.
In the samples analyzed, a total of 40.5m of bauxite with an average thickness per hole of 1.8m was identified, which represents a 30 million ton resource.
With these confirmed results, the company is pointing to 300 million tons using the same grade ranges reported below on the drilling, out of an area of about one billion tons of average surface depth of 1.8m of target basalts within the tenement.
Of the 30 million ton resource already identified, the company plans to ship approximately five million tons per year through Mourilyan Port.
Queensland Bauxite said it will focus on early development of the project and is currently reviewing development options, including potential buyers.
The company has submitted selected samples for further analysis to determine the percentage of available alumina grade improvements expected at higher temperatures, and potential beneficiation from multi-screening of the bauxite.
It will now undertake a more extensive drilling program to further define the size, grade and shape of the bauxite deposit at South Johnstone with a view to commence mining as soon as possible.
