Drill results from the Mt Finnerty Iron JV
October 28, 2009
Highlights
Drilling at the FIN9 prospect (24 holes; 3,364 metres) has confirmed BIF-hosted iron (goethitic) mineralisation over a strike length of about 550 metres. Several of the iron-enriched BIF intercepts include sections with grades in excess of 58% Fe (83% Fe2O3 equivalent), as follows:
| Hole ID | Depth From |
Depth To |
Interval (m) |
Fe (%) |
|---|---|---|---|---|
| MFRC063 | 56 | 60 | 4 | 58.19 |
| MFRC069 | 58 | 65 | 7 | 58.39 |
| MFRC073 | 48 | 55 | 7 | 58.53 |
| MFRC076 | 17 | 21 | 4 | 59.76 |
| MFRC077 | 2 | 17 | 15 | 58.80 |
| MFRC077 | 21 | 24 | 3 | 58.57 |
| MFRC079 | 2 | 23 | 21 | 58.09 |
The RC drilling programme targeted extensions to goethitic iron mineralisation in banded iron formations (BIF) at the FIN9, FIN10 and FIN11 prospects. These are three of the more advanced prospects along the NNW-SSE trending central spine of BIFs that traverses the full length of the Mt Finnerty project.
The Company is pleased to advise the results of an exploration drilling campaign that was completed by our joint venture partner Cliffs Asia Pacific Iron Ore Pty Ltd (“Cliffs”) during June-August 2009. Cliffs have earned an 80% interest in the iron rights.
The RC drilling programme targeted extensions to goethitic iron mineralisation in banded iron formations (BIF) at the FIN9, FIN10 and FIN11 prospects (Figure 1). These are three of the more advanced prospects along the NNW-SSE trending central spine of BIFs that traverses the full length of the Mt Finnerty project.
Significant intercepts, with grades in excess of 50% Fe, are listed in Table 1. These intersections also have significantly low phosphorous and sulphur levels.
Drilling at the FIN9 prospect (24 holes; 3,364 metres) has confirmed BIF-hosted iron (goethitic) mineralisation over a strike length of about 550 metres. Several of the iron-enriched BIF intercepts include sections with grades in excess of 58% Fe (83% Fe2O3 equivalent), as follows (c.f., Table 1):
| Hole ID | Depth From |
Depth To |
Interval (m) |
Fe (%) |
|---|---|---|---|---|
| MFRC063 | 56 | 60 | 4 | 58.19 |
| MFRC069 | 58 | 65 | 7 | 58.39 |
| MFRC073 | 48 | 55 | 7 | 58.53 |
| MFRC076 | 17 | 21 | 4 | 59.76 |
| MFRC077 | 2 | 17 | 15 | 58.80 |
| MFRC077 | 21 | 24 | 3 | 58.57 |
| MFRC079 | 2 | 23 | 21 | 58.09 |
Drill results at the FIN10 prospect (24 holes; 2,622 metres) have confirmed BIF-hosted iron (goethitic) mineralisation extends over a strike length of 450 metres and that iron mineralisation in the enriched BIF extends to the water table which is about 65m below the natural surface.
Geological interpretation of the three drilled prospects has been completed, and Cliffs is currently undertaking a resource and reserve evaluation of the prospects.
This phase of drilling at the FIN9, FIN10 and FIN11 prospects comprised 58 holes for a total of 7,255 metres of drilling (Table 2).
FORWARD WORK
Data is being compiled in preparation for resource estimates which are planned to be completed in November.
For all results, download the pdf.
