Emergent Resources Limited (ASX:EMG) Target Mineralisation Ranging Between 500-600Mt Confirmed At Beyondie Iron Project
Perth, July 14, 2009 AEST (ABN Newswire) - Emergent Resources Limited (ASX:EMG) is pleased to announce a "Target Mineralisation" of between 500-600 million tonnes grading between 25-30% Iron (Fe) at its flagship Beyondie Iron Project in Western Australia's mid-west iron ore region, and the Company will commence its next phase of drilling at the project this month to upgrade the target mineralisation to 1 billion tonnes of continuing comparable grade Iron to that already reported.
The Target Mineralisation was based on geological modelling from drilling completed at the Beyondie Project to date and was determined as part of the Independent Mineral Resource Estimate at Beyondie, and helps confirm the large scale potential of the project. The target mineralisation tonnage and grade is conceptual in nature in that there has been insufficient exploration at this stage to define a Mineral Resource and it is uncertain if further exploration will result in the determination of a mineral resource The Target Mineralisation figure follows the earlier announced confirmation of the maiden JORC Resource of 127Mt @ 28.15%Fe at the project, which continues Emergent's rapid progress in its exploration and development of the project since the Company listed on the ASX last August.
The next drilling program at Beyondie is scheduled to commence on July 27. The Company plans to drill 36 RC holes and 6 HQ Diamond Core holes for 5,000 metres in this campaign and it will focus on expanding the Target Mineralisation to 1 billion tonnes and expanding the size and category of the JORC Resource at the project. The diamond drilling will confirm the nature and geometries of the iron-rich host rock, and provide suitable samples for metallurgical studies commencing in earnest.
The Target Mineralisation has been estimated from an 11km portion of strike length at Beyondie that has been drilled to date, out of a current total known strike length of 45km which remains open at depth and along strike. Emergent is focused on establishing a resource of over 1 billion tonnes from the western third of the deposit in the short term.
Details of the target estimate can be found in the following table.
----------------------------------------------------- Tonnes Fe% Fe2O3% SiO2% Al2O3% -----------------------------------------------------TARGET without 500-600 25-30 35-45 45-55 3.5-5.0INFERRED million--------------------------------------------TiO2% P ppm S% LOI% MagEst%--------------------------------------------0.1-0.2 1000-3000 0.01-0.05 2-6 5-15
Emergent Managing Director Garry Hemming said: "The Target Mineralisation confirmed by Independent Geologists continues to validate our belief in the long term, large scale potential of the Beyondie Project as a magnetite iron mining operation, and we look forward to the results of our next phase of drilling aiming to expand the Target Mineralisation to 1 billion tonnes."
The Company recently entered into an MOU with China Metallurgical Investment Co Ltd (CMI) for the development of the Beyondie Project which includes a 50:50 Development JV and A$200m funding at the project, as well as a A$4.9m placement to CMI. Emergent has also just completed a A$2.5m placement to sophisticated and professional investors to fund the next stage of development including drilling, metallurgical studies, engineering studies and progress towards a feasibility study.
The Beyondie Project is located in the northern region of the mid-west Iron Province in WA, immediately adjacent to the Great Northern Highway and Goldfields Gas Pipeline.
Emergent plans to develop the Beyondie project into a long life, large scale, high grade magnetite concentrate mining operation. The Company's aim is to produce a magnetite concentrate of +68%Fe with very low impurities (silica, aluminium, titanium, phosphorous, and sulphur).
Emergent has the right to earn up to an 80% interest in the project by way of a joint venture with De Grey Mining Limited.
For the complete Emergent Resources Announcement and the Independent Target Mineralisation estimate (prepared by Al Maynard and Associates Pty Ltd), please click the link below:
http://www.abnnewswire.net/media/en/docs/61043-ASX-EMG-452774.pdf
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