Leederville-based Fe Limited says the first drilling program at its Mt Elvire Iron Ore Project at Yilgarn has exceeded expectations.
Leederville-based Fe Limited says the first drilling program at its Mt Elvire Iron Ore Project at Yilgarn has exceeded expectations.
In a statement to the Australian Securities Exchange Fe said assay results for 23 of 31 holes confirmed the high grade nature and lateral extents to the iron mineralisation of the 5km long Iron Crescent Prospect.
The best results included 15m at 61.3 per cent iron from 13m and 19m at 61 per cent iron from 5m.
"Significantly, twenty two of these holes reported extensive zones of mineralisation, with two reporting DSO' type grades for goethitic and hematitic enrichment," said Fe Limited executive director Mark Gwynne.
The company anticipates that 'high-grade' iron mineralisation will be intersected from the next phase of drilling which will target 'blind' extensions.
See company statement below:
Iron Ore focused Australian resources company Fe Limited (ASX: FEL) ("Fe" or the "Company") is pleased to announce completion of its maiden Reverse Circulation (RC) drilling program at its wholly owned Mt Elvire Iron Ore Project, located in the Yilgarn Province. The maiden drill program consisted of a total of 31 holes for 2,461m, with preliminary laboratory assay results of first 23 holes confirming the high grade nature and lateral extents to the iron mineralisation of the 5km long Iron Crescent Prospect. Remaining results expected in very near term.
Best results from the first 23 holes of the maiden drill program include:
15m @ 61.3% Fe from 13m,-
19m @ 61% Fe from 5m,-
48m- @41.4% Fe,
68m @ 39.1% Fe,-
100m @ 32.5% Fe.-
"Significantly, twenty two of these holes reported extensive zones of mineralisation, with two reporting DSO' type grades for goethitic and hematitic enrichment," said Fe Limited Executive Director, Mr Mark Gwynne.
The drilling program targeted outcropping mineralisation at the Iron Crescent Prospect, which comprises - a slightly weathered BIF outcrop in the centre of the project area, with a strike length of 5kms. The aim was to test surface mineralisation to enable better targeting potential high-grade targets located under cover and along strike from the outcropping mineralisation.
"This drilling program was designed to test the outcropping mineralisation at the prospect and the results received to-date are in line with, or exceeding, our expectations." he added.
The first phase drill program was designed to further investigate surface mineralisation at the Iron Crescent Prospect (see figure 3), where two zones of mineralisation has been mapped, namely: Iron Crescent North (~5.8 km strike), and Iron Crescent South (~3.5 km strike). Like other, more advanced deposits in the region, the Iron Crescent Prospect is structurally complex and was determined to be a suitable 'first phase' target to assist with understanding the nature of the widths, lateral extent and depth to the mineralisation. Hole ICRC008 intersected mineralisation at 133m down hole, and finished in mineralisation when the drill rig ran out of rods. The Iron Crescent prospect represents approximately only 5kms of a total of 40kms of geophysical targets that have been interpreted for the Mt Elvire Project.
The Company anticipates that 'high-grade' iron mineralisation will be intersected from the next phase of drilling which will target 'blind' extensions, located beneath surficial cover and between outcropping mineralisation. Intersection of zones of high-grade (>60% Fe) goethite in this program has substantially de-risked this work.
Metallurgical test work will commence in the near term to assist with characterisation of the various mineralisations encountered during the drilling.
Iron Crescent comprises less than 30% of the outcropping targets, and less than 15% of all geophysical targets at the Mt Elvire Project. Further drilling is also planned for several other prospects, including Camelback (previously reported rock chip results up to 55% Fe), Camelback West and Jigsaw, once regulatory approvals are finalised.
The Mt Elvire Project is located 50 kms north of Cliff Natural Resources Mt Jackson/Windarling DSO iron ore mines and 30kms WNW of Macarthur Minerals' Lake Giles Project, in the Yilgarn Province of Western Australia. McArthur Minerals recently announced an Inferred Mineral Resource estimate for their Lake Giles project of 1,117 million tonnes at 28.7 % Fe.
The Company has previously announced a 180Mt-200Mt Exploration Target1 for the Mt Elvire Project
