🕐25.11.10 - 03:54 Uhr
Commencement of Drilling at Mt Finnerty Iron Ore Project in Western Australia
Reed Resources Limited
ASX Announcement
25 November 2010
Commencement of Drilling at Mt Finnerty Iron Ore Project in Western
Australia
HIGHLIGHTS
- Drill targets include Maitland, Fin9 and Mt Watt prospects for a total of
47 RC holes and 5,350m to compliment the resource at Fin10 and Fin9
prospects,
- Mt Finnerty Iron Ore Project in Western Australia hosts a JORC Code
Inferred Resource of 4.66MT @ 53.5% Fe,
- Mt Finnerty is held under a JV agreement, with Cliffs Asia Pacific Iron
Ore Pty Ltd holding 80% and Reed Resources Limited holding the remaining
20%.
Australian diversified resources company Reed Resources Ltd (ASX: RDR) (the
"Company" or "Reed") together with Joint Venture partner Cliffs Asia
Pacific Iron Ore Pty Ltd ("Cliffs"), will this week commence resource
definition drilling at the Mt Finnerty project in Western Australian.
The Mt Finnerty iron ore project (Figure 1) is located 65 km east of the
Koolyanobbing town and mine sites operated by Cliffs Natural Resources.
Cliffs have earned an 80% interest in the iron rights at Mt Finnerty, with
the remaining 20% stake held by Reed.
The combined Inferred Mineral Resources at the FIN9 and FIN10 prospects is
4.66 Mt at an average grade of 53.5% Fe, for a lower cut‐off grade of
50% Fe.
The decision to undertake this drilling is based on the results of a
recently completed geophysical review by Cliffs, which together with the
existing resources at the Mt Finnerty have given sufficient encouragement
to progress exploration of other targets at the project.
Previously reported Inferred Resources at each of the prospects are listed
in the following table at lower cut‐off grades of 50% Fe and 58% Fe:
(ASX Announcement 15 Dec 2009).
Drilling Program
A drill program totalling 5,350m and 47 reverse circulation (RC) drill
holes will be undertaken at two new prospects and one existing resource.
The aim of this drilling is to improve and expand the current resource
base.
Figure 1 illustrates the location of the drilling collars.
The drilling program at Fin9 prospect will target a potential blind
northern extension of the mineralisation.
A total of 1,750m in 15 RC holes
are planned to be drilled in this target.
(Fig 2)
The new prospects (Mt Watt and Maitland) are the result of a
re‐interpretation of the geophysical interpretation undertaken by
Cliffs in early 2010, and represent structurally complex faulted areas of
BIF that show a weak magnetic signature.
This indicates that Magnetite
destruction may have occurred in the faulting process forming Haematite
(Iron Ore).
Drilling will confirm the presence of any economic occurrence
of Iron Ore.
The drilling at Maitland will also follow up on two rock chip samples that
graded 61.55% Fe and 59.76% Fe.
(Table 2)
In addition to this drilling, samples will also be assayed for gold as
structurally deformed Banded Iron Formations (BIF) can host significant
gold resources.
Previous drilling has identified favourable geology that
may also host gold bearing structures.
For the full announcement please click here.
http://esp.gewru.com/download/files/12414/1278225/Commencement%20of%20drilling%20at%20Mt%20Finnerty%20Iron%20Ore%20Project.pdf
For more information please contact:
Reed Resources
Chris Reed
Managing Director
T: 08 9322 1182
Media
David Tasker/ Karen Oswald
Professional Public Relations
T: 9388 0944
E:
E:
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