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re: result out: signifigant intercepts

  1. 245 Posts.
    From the announcement, looks good:

    The drilling has shown that there are at least three areas of thicker magnetite. They are:-
    a) The area covered by drill holes MGRC 5, 6, 16 and 17 covering a minimum strike length of 750 metres.
    b) Drill hole MGRC 15 which is 1,600 metres, south east of drill hole MGRC 16.
    c) Drill hole MGRC 14 which is 800 metres south east of MGRC 15.
    Between the above three areas there were drill holes with thinner intersections of magnetite.
    The drilling showed that the width of the magnetite rich zone is not uniform and varied considerably along strike. This is probably due to lateral variation and local folding.
    Analytical results are due soon but there will be some delay due to the general backlog being experienced by the Perth laboratory. Logging however indicated that the magnetite is relatively co*rse which is encouraging.
    One of the objectives of the drilling programme was to test the subsurface BIF between the Magnetite Range prospect and the Hematite Hill prospect. However the siting of drill holes in this area relied on aeromagnetics with 400 metre line spacing. Considering the variable width of the magnetite horizons within the BIF of the Magnetite Range prospect, the aeromagnetics were not thought to be of sufficient quality to site drill holes with any degree of accuracy within the subsurface BIF target. Consequently it was decided to forego testing this area until the Company has commissioned a more detailed aeromagnetic survey to better identify the target structures. Because of this the original plan of drilling 24 sites was reduced to 17.
    The Company is confident that by further drilling it will be able to define a magnetite resource, (assuming that the assay results and the chemical and physical properties are positive).
    The program does not appear to have identified any significant hematite mineralisation but further examination will be carried out within the tenement areas.
    The Company will advise the results of assays as soon as they become available.
    For further details contact Peter Farrah, Managing Director on 0419 913 408 or Alan Wolstencroft, Technical Director on 0439 912 234
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