Prosperity confirms iron ore potential

PROSPERITY Resources Limited has announced reconnaissance work on its tenement in the Mt Gibson Iron magnetite project near Mummaloo-Wye-Bubba Hill, which has determined a magnetite occurrence. Managing director Ric Dawson said, based on the geological analysis of the samples, the opportunity for the discovery of a new iron ore prospect was promising. “From these favourable results from the submitted assays, the potential of this project, given its proximity to the proposed Mt Gibson Iron’s iron ore project is very encouraging,” he said. “This magnetite project is still in the early stages but has excellent potential due to its strike length.” A highly magnetic feature observed from aeromagnetic data within the tenement was located on the ground and found to be a Banded Iron Formation near Mummaloo-Wye-Bubba Hill. This magnetic feature is located on the eastern edge of the tenement and is 4.5 kilometres by 500 metres in size and is located 9km from the Mt Gibson Iron’s magnetite project with a resource of 250Mt of iron ore.

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