Adelaide, Aug 25, 2006 AEST (ABN Newswire) - FerrAus Limited (ASX: FRS) will commence its first iron ore exploration drilling on its wholly-owned Davidson Creek tenement E52/1658 in the Pilbara region of W.A. on two prospects.
Highlights
- Maiden programme of ~ 2,500 metres of exploration drilling to commence immediately on previously unexplored ground on two prospects.
- New discovery of significant outcrop of Marra Mamba-type iron mineralisation to be drilled.
- Extensions of known Brockman-type iron mineralisation to be drilled.
DAVIDSON CREEK PROSPECT
An RC drilling rig is scheduled on site on 28 August to test the recently discovered iron mineralisation hosted in the Marra Mamba Iron Formation that has a surface expression of some 1200m by 200m (announced to the ASX on 11 July 2006). The program of 20 holes to a depth of 50 - 100 metres is expected to be completed by mid-September.
MIRRIN MIRRIN PROSPECT
The RC drilling rig will then move to test iron mineralisation interpreted to occur under cover adjacent to the tenement boundary where mineralised Brockman Iron Formation occurs in outcrop. This program of 11 holes to a depth of 100 metres is expected to be completed before the end of September 2006.
"We are excited about this programme as it opens up highly prospective iron ore ground that is to date unexplored" said Managing Director, David Turvey. FerrAus Limited notes that together with its flagship Robertson Range Project, it now has three spatially separate prospects for iron mineralisation, all of which are located between 25 and 60km of the terminus of the railway infrastructure located at Jimblebar.
Current Capital Structure:
58.3 m Fully Paid Ordinary Shares
19.5 m Class A Securities
7.5 m Class B Securities
4.6 m Unlisted Options
Market Capitalisation
@ 0.425 per share:
Undiluted: $ 24.8 m
Fully Diluted: $ 38.2 m
Contact
Kevin Skinner
Senior Consultant
FIELD PUBLIC RELATIONS
231 South Road
MILE END SA 5031
Tel: (08) 8234 9555
Fax: (08) 8234 9566
Mob: 0414 822 631
kevin@fieldpr.com.au
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