Grant of New Iron Ore Tenements in Pilbara
Sydney, June 29, 2012 AEST (ABN Newswire) - Dynasty Metals Australia Ltd (ASX:DMA) are pleased to announce the grant of two tenements E52/2640 and E52/2641 within the Pilbara Region, covering an area of over 160km2. These tenements are 60km west of Dynasty's Prairie Downs Project and Spearhole Deposit.
The areas are in a similar geological setting to the Spearhole Project with potential to host channel iron deposits (CID) and detrital deposits which may be sourced from the adjacent outcropping Hamersley Basin (Fig 1, link below).
There is also a possibility of buried iron formations from the Hamersley Basin present at depth with significant magnetic features in the regional magnetic (Fig 2, link below).
Previous work had been restricted to gold, base metal and uranium exploration. Historical drilling had identified large paleo-channels but only limited assaying for iron was undertaken. Work will commence shortly on the field evaluation of the tenements with reconnaissance mapping and sampling, followed by geophysics and if warranted drilling.
View reference figures at:
Dynasty Metals Australia Limited