Altas Iron has announced the discovery of a new direct shipping grade iron ore prospect at Wodgina, south of Port Hedland.
Altas Iron has announced the discovery of a new direct shipping grade iron ore prospect at Wodgina, south of Port Hedland.
The prospect was found close to its existing mine and includes 52 meters at 59.5 per cent iron.
"Clearly there is an opportunity to generate significant value and mine life from these types of discoveries," said David Flanagan, Atlas' Managing Director in a statement.
"As the team continues to find new deposits, the Wodgina project is becoming the company maker we always thought it could be," he said.
Altas Iron shares were up 8 per cent at 1pm.
See full statement below.
Atlas Iron Limited (ASX Code: AGO) is pleased to report the discovery of "Hercules", a new direct shipping grade iron ore (DSO) prospect, at its Wodgina DSO operation, 110 kilometres south of Port Hedland in Western Australia.
Hercules, located 3 kilometres from the mine infrastructure, has now been drilled on an 80 metre by 80 metre grid pattern and better results include (See attached table of drill results for further detail):
Hercules
52 metres at 59.5% Fe from surface in WDRC1446
46 metres at 59.3% Fe from 2 metres in WDRC1506
32 metres at 58.5% Fe from surface in WDRC1421
34 metres at 58.0% Fe from 16 metres in WDRC1422
"Clearly there is an opportunity to generate significant value and mine life from these types of discoveries," commented David Flanagan, Atlas' Managing Director. "As the team continues to find new deposits, the Wodgina project is becoming the company maker we always thought it could be."
As part of ongoing resource development the Company is also following up on extensions to discoveries at Avro and Anson reported during 2009. New areas of mineralisation have been identified and it is likely they will provide material contributions to the Wodgina resources and reserves later in the year. Better results include (See attached table of drill results for further detail):
Dragon
70 metres at 59.7% Fe from surface in WDRC1221
64 metres at 59.2% Fe from surface in WDRC1215
56 metres at 59.4% Fe from 10 metres in WDRC1230
52 metres at 59.6% Fe from 36 metres in WDRC1296.
Avro
38 metres at 59.9% Fe from 34 metres in WDRC1451
26 metres at 58.9% Fe from 36 metres in WDRC1315
32 metres at 58.3% Fe from 30 metres in WDRC1262
38 metres at 58.1% Fe from 10 metres in WDRC1455.
Atlas remains on track to achieve iron ore exports at a combined rate of 6 million tonnes per annum from its Pardoo and Wodgina operations by December 2010.
