Mt Finnerty - Iron
This Project Summary was last updated 2008-05-15 08:06:12.
The company has entered into a joint venture with local iron ore producer Portman Mining Ltd to explore and develop the project area's iron deposits.
Portman has now earned an eighty per cent interest and Reed Resources can now either contribute or revert to a 10% interest free carried up to a decision to mine.
Portman has already identified a targeted resource of around 3.5 million tonnes grading around 60% Fe (as at May 2007). Initial drill results include: 21m@60% Fe, 12m @ 60% Fe and 10m@60% Fe
Surface iron enrichment confirmed at several locations spread over 35km strike. Results from PMM's rock chip sampling from FIN11 range between 56-61% Fe.
An airborne geophysical survey identified a number of palaeochannels with potential for large channel iron deposits. Airborne magnetics indicate potential for concealed iron formations - Riedel structures.
ENVIRONMENT
On 14 May 2007, Western Australia's Environmental Protection Agency (EPA) released EPA Bulletin 1256 advising on recommended measures to protect areas deemed to be of high conservation value in proposed extensions to the Mount Manning Nature Reserve, including that:
- an A Class Nature Reserve to include the highest priority conservation areas be established;
- the precautionary principle be applied in relation to proposals to offset loss of highly habitat specific Banded Iron Formation endemic species through translocation to other sites.
Importantly, the entire Mount Finnerty Project is outside the priority area recommended by the EPA to become an A Class Nature Reserve, and therefore the company expects to be able to continue its exploration of them in accordance with its normal practice of environmental compliance. Reed Resources has completed full fauna and flora surveys on its tenure, and the prospective tenements been endorsed for iron ore under section 111 of the Mining Act.
NEWS FLOW...
October 31, 2008
Quarterly Activities Report
Completion of a RAB drilling program to test for secondary iron enrichment in palaeochannels. Assay results are awaited.
More...September 17, 2008
Extensive Drilling Campaign Commences at Mt Finnerty Iron JV
An extensive follow-up drilling campaign to the successful exploratory programme that identified the secondary iron potential at Mt Finnerty has commenced.
Over 560 holes are planned of which around 30% will be targeting the Jaurdi Channel which is located alongside the Perth-Kalgoorlie railway line.
In addition, an RC programme to test extensions of the FIN9, 10 and 11 bedded iron deposits is planned for the December Quarter .
More...July 30, 2008
Quarterly Activities Report
RC drilling results from FIN10 include 12m @ 62.6%, 11m @ 61.4% and 10m @ 60.4% Fe.
RAB program for secondary iron to commence this quarter.
More...May 4, 2008
Exciting iron results at Mt Finnerty
Results include 12m @ 62.6% Fe from 13m and 11m @ 61.4% Fe from 50m.
More...April 28, 2008
Quarterly Activities Report
Apparent high grade intersections from recent RC drilling program – assays pending.Beneficiation testwork commenced on alluvial iron mineralisation – upgrading via screening effective.
More...March 5, 2008
Mt Finnerty Iron Ore Drilling Commences
Reed Resources Ltd advises that Portman Iron Ore Ltd has commenced drilling at the Mount Finnerty project, 65 km east of Portman’s Koolyanobbing Iron Ore Mine.This next phase of the percussion drilling program will involve up to 19 holes, testing extensions to FIN9 (previous intercepts 21,12 and 10m@60%Fe) and new targets FIN10 & FIN11 (Figure 2).
The field component of the program will last until late March after which laboratory analyses are expected for release in April 2008. More...
December 11, 2007
Mt Finnerty Iron Exploration Update
The presence of iron enrichment in channel deposits was confirmed in RAB/Aircore holes, up to 10m thick, to a depth of 20m. More...July 26, 2007
Quarterly Activities Report
Re-interpretation of geophysical data and satellite imagery by Portman reveals potential palaeochannels with detrital iron deposits along with (structural) target mineralisation, concealed under cover. New outcropping surface-enriched iron targets (FIN10 & 11) More...May 30, 2007
Portman Completes Earn In - Commences Joint Venture
Notification has been received that Portman has completed its earn-in requirement and will proceed to form the Mt Finnerty Iron Ore Joint Venture. More...
April 27, 2007
Third Quarter Activities Report
Portman completed seven holes of RC drilling for 465 m at the FIN7 prospect. Assaying of ironstone intercepts has confirmed continuity of mineralization at depth but not of sufficient grade to plan further work on the FIN7 target at this stage. More...
January 24, 2007
Mt Finnerty Iron Ore Drilling Commences
Portman Iron Ore Ltd has commenced drilling at the Mount Finnerty project. This program will involve up to 12 holes hole on 4 drill traverses at FIN7, testing a strike length of 800m. Drill traverses will be spaced at 200 metre intervals along strike with, at most, three holes per traverse. More...
January 31, 2007
Second Quarter Activities Report
During the quarter, Portman completed reprocessing of geophysical data for the project area and evaluation of possible future target areas, including planned RC drilling of the FIN7 target. FIN7 is a zone of surface enrichment that extends for about 900 meters along strike and up to 50m wide. More...
October 31, 2006
First Quarter Activities Report
During the quarter, iron ore exploration focused on the area north of Mt Finnerty, in the vicinity of the FIN9 prospect and further north toward Mount Walton. This work, conducted by joint venture partner Portman Iron Ore Ltd (Portman), included helicopter reconnaissance of magnetic trends north from the FIN9 target. More...
June 15, 2006
Mt Finnerty Iron Ore Drilling Results
Reed Resources Ltd announces the successful completion of an initial drilling program by joint venture partner Portman Iron Ore Ltd (Portman) at the company’s Mount Finnerty project. Drilling at FIN9 intersected high-grade mineralization (i.e., >58% Fe) in all four drill holes, with a best intercept of 21 metres @ 59.72% Fe. More...
April 11, 2006
Mt Finnerty Iron Ore Drilling Commences
Joint venture partner, Portman Mining Ltd, has commenced drilling today at the Mount Finnerty project. The first phase of the percussion drilling program will involve, in most cases, a central hole on 21 drill traverses at 9 target areas (FIN1-9), testing strike length’s totaling 6.5km. More...
January 24, 2006
Portman Confirms Additional Surface Iron Enrichment
Recent reconnaissance mapping and sampling throughout the northern and central parts of the Mt Finnerty area by joint venture partner, Portman Limited, has identified additional surface iron enrichment. Grab sampling has returned grades of up to 64 % Fe (most samples in excess of 55 % Fe) over sample widths of up to 10 meters across strike. This work has confirmed the presence of at least two parallel formations that show surface enrichment of the host BIF. More...
October 20, 2005
First Quarter Activities Report
A comprehensive Joint Venture agreement with Portman was finalised and executed on 2 August. Following a comprehensive data review Portman have commenced an extensive fieldwork programme with drilling expected early in the new year. More...
July 26, 2005
Fourth Quarter Activities Report
In the previous quarter geological mapping and previous surface sampling by Reed of banded iron formations (BIF) south of Mt.Finnerty identified two zones of iron-enriched BIF approximately 10 km apart. The northern zone was sampled over a strike length of at least 4 km with assays of 58.5 to 65 % Fe in surface rock chip samples. More...
