Iron Road Limited (ASX:IRD) Drilling Programme Update At Central Eyre Iron Project & Gawler Iron Project For Period 30 April To 13 May 2010
Perth, May 17, 2010 AEST (ABN Newswire) - Iron Road Limited (
ASX:IRD) is pleased to advise that the current resource expansion drilling programme at the Central Eyre Iron Project (CEIP) is complete and that drilling at the Gawler Iron Project (GIP) continues to plan.
Central Eyre Iron Project
CEIP Summary
- Resource expansion drilling programme at Boo-Loo and Dolphin now complete.
- Four large diameter (PQ) diamond holes for Pre-feasibility Study (PFS) metallurgical test work currently in progress.
- Preparations being made for next stage of drilling at CEIP for a total of 9,845m.
- Coffey Mining has commenced work on a JORC mineral resource estimate report.
Progress for Period
----------------------------------------------------------------Hole Type Metres Completed (m) Holes Completed (No.)---------------------------------------------------------------- PERIOD TO DATE PERIOD TO DATE----------------------------------------------------------------RC (pre-collar) Complete 3396 Complete 49Diamond Complete 10966 1 60----------------------------------------------------------------
Gawler Iron Project
GIP Summary
- Four target areas were tested by drill traverses - Christie Flats, Christie Extended, One Oak Hill and Boomer. A drill traverse commenced at George Hill South 2.
- Magnetite- and hematite-rich gneiss was intersected in 16 drill holes.
- In drill hole GWL050 at Christie Extended, 24m of hematite and 104m of magnetite was intersected within an interpreted hinge-zone and steeply SE dipping limb of a large anticline.
- A 20m cap of hematite underlain by magnetite was intersected in two section lines at One Oak Hill.
- The Antakarinja Matu-Yankunytjatjara native title claimants conducted monitoring of drilling operations during the period. No significant issues were identified.
- Stage 1 drilling is close to completion and will continue to test the remaining individual targets of a total of ten identified from magnetic and gravity surveys.
----------------------------------------------------------Hole Type Metres Completed (m) Holes Completed (No.)---------------------------------------------------------- PERIOD TO DATE PERIOD TO DATE----------------------------------------------------------RC 2410 5870 27 67Diamond - - - -----------------------------------------------------------
Background Information
Iron Road's principal project is the Central Eyre Iron Project, South Australia. The wholly owned Central Eyre Iron Project is a collection of three iron occurrences (Warramboo, Kopi & Hambidge) with an exploration potential of 2.8-5.7 billion tonnes magnetite gneiss*. The current programme encompasses resource expansion drilling to increase an existing JORC compliant inferred resource estimate of 110Mt at the Boo-Loo prospect located within the Warramboo Project area.
The Gawler Iron Project is located approximately 25km north of the standard gauge Trans Australian Railway that connects to the Central Australia Railway at Tarcoola and ultimately a number of ports. Iron Road has a farm-in agreement with tenement holder Dominion Mining (ASX:DOM) to earn up to 90% interest in the iron ore rights at West Gawler, with the objective of expanding its footprint in the potential iron ore province. Several in-situ rock chip samples from West Gawler returned grades of >60% Fe with low silica, alumina and phosphorous indicating potential suitability for direct shipping ore (DSO).
* Coffey Mining (Iron Road Limited ASX announcement 01 September 2009).
For the complete Iron Road Limited announcement including figures, please refer to the following link:
http://www.abnnewswire.net/media/en/docs/62874-ASX-IRD-491336.pdf
Contact
Andrew Stocks
Managing Director
Iron Road Limited
Tel: +61-8-9200-6020
Mob: +61-403-226-748
Email: astocks@ironroadlimited.com.au
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