Padbury Mining Limited (ASX:PDY) Estimates Substantial Magnetite Iron Ore Target Of 5.5-6.5 Billion Tonnes At 30-40% Fe
Perth, Dec 2, 2009 AEST (ABN Newswire) - Padbury Mining Limited (ASX:PDY) is pleased to announce the completion of the recent desktop analysis which has resulted in the estimation of a substantial magnetite iron ore target of 5,500 - 6,500 Mt(2) at an expected grade of between 30-40% Fe. Prior drilling of the target magnetite-enriched horizons has shown intersection widths and grades comparable to those used to support the estimate.
These results justify an aggressive approach to further exploration to determine the potential of economic magnetite iron ore production in the project area. A planned work program will determine the depth and grade of mineralisation.
The estimate was calculated by Resource Potentials and requested by Salient Group: both independent consultancies engaged by Padbury to assist with the development of its assets at Peak Hill.
The magnetite horizon that has been targeted is hosted within the Robinson Range Iron Formation. This unit crops out extensively through Padbury's tenure and forms a prominent ridge at Telecom Hill, Peak Hill and Old Mt Padbury. Historical work by Sofoulis. J, 1970, Iron Deposits of the Robinson Range, Peak Hill Goldfields, WA (GSWA Record 1970/60), observed that iron formations (comprising of varying amounts of Hematite, Magnetite, Quartz, Biotite & Actinolite) range up to 30m or more in thickness. Furthermore the presence of Hematite, Hematite-Goethite and Goethite enrichments was noted in numerous localities.
The joint venture partners are extremely encouraged and excited by the analysis provided by our independent consultants and are looking forward to following this up with further work which will be announced as it is commissioned.
(2) The potential quantity and grade of the Peak Hill Iron Ore Project is conceptual in nature and there has been insufficient exploration to define a Mineral Resource and it is uncertain if further exploration will result in the determination of a Mineral Resource.
For the complete Padbury Mining ASX Announcement, please click the link below:
http://www.abnnewswire.net/media/en/docs/61864-ASX-PDY-472463.pdf
Contact
Gary Stokes
Managing Director
Padbury Mining Ltd
Tel: +61-8-9361-5400
Terry Quinn
Managing Director
Aurium Resources Ltd
Tel: +61-8-9361-5400
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