Osborne Park-based copper-gold explorer Talisman Mining Ltd has announced plans to shift focus onto iron ore mining, following a report on the prospects of its Wonmunna project.
Osborne Park-based copper-gold explorer Talisman Mining Ltd has announced plans to shift focus onto iron ore mining, following a report on the prospects of its Wonmunna project.
The full text of a company announcement is pasted below
A 200-square kilometre footprint of prime iron ore prospective ground in the heartland of Western Australia's Pilbara is to become a major focus for listed copper-gold explorer, Talisman Mining Ltd.
Announcing its move today into iron ore as a potential new business driver, Talisman said its decision followed an independent consultancy report on the prospects for the Company's 100%-owned and flagship Wonmunna project, to host commercial iron ore deposits.
The review found that the project has excellent potential for the definition of large tonnage, high-grade iron ore deposits.
Wonmunna already hosts Talisman's key copper, zinc, gold, silver massive sulphides exploration targets.
The tenement's known and estimated iron ore mineralisation systems lie between surface and the deeper primary copper zone.
The project area - which was pegged by Talisman ahead of the current iron ore boom - extends east-west over 35 kilometres and is closely surrounded by the high profile West Angelas, Area C, Hope Downs and Yandicoogina iron ore mines.
Talisman Managing Director, Mr Steve Elliott, today said Wonmunna had significant capacity to add substantial value to what was an already outstanding exploration asset.
"We have just commenced a new 2,000 metre Reverse Circulation copper drilling program on the project area and when that concludes, will immediately re-allocate the rig for a similar sized and wide-spaced RC iron ore drilling program," Mr Elliott said.
"Smaller drill programs there last year recorded peak iron ore values in the two different styles of iron ore mineralisation, of 22m @ 60.8% Fe, indicating excellent potential for locating higher grade zones."
The independent consultancy findings received further endorsement from Talisman's newly appointed Director, Dr Mick Bunyard, who has extensive experience in iron ore projects around the world and who took up his non-Executive directorship with the Company just last week.
The Wonmunna project is situated in the heartland of the Pilbara iron ore mining industry with excellent attendant infrastructure.
The railhead at West Angelas is only 28 kilometres west of the centre of the Wonmunna tenement. The Hope Downs rail spur (currently under construction) will pass approximately 10 kilometres to the north of the project.
The drill decision is in addition to Talisman's current exposure to the iron ore sector through a royalty agreement with East Pilbara iron ore developer, Fortescue Metals Group Ltd and which covers the Tom Price and Anticline project areas, also in the Pilbara.
Wonmunna last year was the subject of an iron ore-only exploration joint venture between Talisman and private explorer, Poondano Exploration Pty Ltd. During the JV period, Poondano completed two small RC drilling campaigns, the results of which indicate Wonmunna's potential for two styles of iron ore mineralisation:
- Channel Iron Deposits (CID) containing pisolitic iron ore in fossil drainage channels, and
- Hematite-goethite mineralised Marra mamba Iron Formation.
Both styles are currently being profitably exploited by other companies in the Hamersley Basin.
Mr Elliott said it is significant that prior to Talisman acquiring tenure to the acreage, there had been no recorded previous exploration for iron ore being completed in the area.
"This would appear to be the result of mis-mapping of the CID as laterite, and lack of outcrop of iron formations," Mr Elliott said.
