Carpentaria Exploration Limited (ASX:CAP) Confirms Additional Magnetite Mineralisation And Increases Tonnage Potential At Hawsons Iron Project
Brisbane, Oct 28, 2009 AEST (ABN Newswire) - The Hawsons Iron Project is a new magnetite discovery by Carpentaria Exploration Limited (ASX:CAP) in western NSW. Hawsons' close proximity to Broken Hill (60 km) and infrastructure (rail and power) provide many favourable logistical aspects for the project. In the Company's ASX release on 14 October 2009, Carpentaria announced an Exploration Target[1] at the Hawsons Project of 2.5 to 4.5 billion tonnes at an average 18% DTR magnetite with a concentrate grade of 69 - 71 % iron, with a vertical depth of 250m and density of 3.2 t/m3. The historical drill core that has been located in storage at Broken Hill has enabled Carpentaria to increase this Exploration Target[1] with confidence.
Carpentaria has very recently been successful in locating a previously misplaced drill-core from a historical Placer Exploration Ltd hole, DD93W2, which was drilled on the flank of the 100%-owned Wonga magnetic anomaly. The hole was drilled to test for iron oxide copper gold targets on the flank of the magnetic anomaly. The hole finished in a magnetite ironstone at 147.2 m below collar. Unfortunately, core from the end of the hole was missing but 2.2 metres from 141.5 metres down hole or 132 metres below surface was available and quarter core was taken and despatched for analysis. The core returned a Davis Tube Recovery (DTR) analysis of 17.43% weight recovery and a concentrate grade of 68.6% iron and 4.3% SiO2 with negligible deleterious elements. This is very similar to the results obtained in the Carpentaria holes announced previously (ASX release 26 August 2009). This hole confirms the concept that the Wonga Anomaly's source can be directly correlated to ironstone at the adjacent Core magnetic feature, which is part of the prospective Neoproterozoic Braemar Facies of the Yundamutana Sub-Group.
The modelling of the magnetic anomaly has also confirmed that the Placer hole has only intersected the edge of the magnetic anomaly. The modelling indicates the source is a large mass of magnetite ironstone. Using a body of magnetite ironstone of approximately 3.0 km by 2.0 km with a thickness of 150 metres and a density of 3.2 t/m3, Carpentaria estimates an exploration target1 of 1.0 billion tonnes to 1.5 billion tonnes with a DTR average of 18% of 68 - 70% iron exists within the 100% Carpentaria ground. This effectively doubles the recently announced Hellman and Schofield estimate for this target (ASX release on 14 October 2009).
Immediately west of the Wonga Anomaly, another magnetic feature, the Dam Anomaly, is now confidently considered as another magnetite ironstone with a 6 km strike length within Carpentaria 100%-owned ground, thus suggesting an exploration target[1] of 400 - 600 million tonnes with a unit thickness of 80 - 120 metres at an average 18% DTR magnetite with a concentrate grade of 69 - 71 % iron, a vertical depth of 250 metres and density of 3.2 t/m3
These reassessments of the Wonga and Dam Anomalies increase the Exploration Target[1] to 3.5 to 5.8 billion tonnes at an average 18% DTR magnetite with a concentrate grade of 69 - 71 % iron, with a vertical depth of 250m and density of 3.2 t/m3.
Carpentaria Exploration's Executive Chairman - Nick Sheard stated:
"I am very pleased that we have located this historical drill-core and that geological and laboratory analysis shows that the source of the large, 100% owned Wonga Aeromagnetic Anomaly is magnetite ironstone very similar in character to that recently drilled at the Hawsons Core Anomaly, which is prospective for beneficiation quality magnetite iron ore. It also gives us confidence that the adjacent Dam Anomaly is similar material and adds significantly to potential tonnages for this project."
Carpentaria is currently planning further exploration work to test all the magnetic targets with the objective of proving up an initial inferred resource within the next 6 months.
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[1] The potential quantity and grade of the exploration targets is conceptual in nature and there has been insufficient exploration to define a Mineral Resource. It is uncertain if further exploration will result in the determination of a Mineral Resource.
About Carpentaria Resources Ltd
Carpentaria Resources Ltd (ASX:CAP) is focussed on delivering the best quality iron concentrates into the growing premium end of the iron ore market.
The Company aims to build a long term, low cost premium quality iron ore business from the development of its flagship asset, the Hawsons Iron Project, utilising existing infrastructure.
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