Cape Lambert set to expand coastal tenement over 400km2

Cape Lambert Iron Ore Ltd has initiated the grant of a new tenement immediately south of its namesake iron ore project in the Pilbara, which will increase it coastal landholding to more than 400 square kilometres.

The company has held an exploration license application over the E47/1493 tenement since 2005, but the 35km2 area was part of a granted title held by others that was recently extinguished.

Cape Lambert said the tenement was strategically important as it increased the company's contiguous, coastal landholding to 408km2.  

Further, a 3km long untested, magnetic anomaly is located on the eastern margin of the area and is thought to represent the southern strike extension of the Cape Lambert resource, which lies within the highly prospective Cleaverville geological formation.

The tenement is expected to be granted late in the June 2008 quarter and drill testing of the magnetic anomaly will follow.  

Cape Lambert executive chairman Ian Burston said the significant magnetic anomaly had the potential to add substantial tonnage to the Cape Lambert resource.