FerrAus Limited (ASX:FRS) Results Confirms Mirrin Mirrin As New Iron Ore Discovery
Adelaide, Jan 18, 2010 AEST (ABN Newswire) - Amended Media Statement - Explanatory Note
Following a request from the Australian Securities Exchange (ASX), FerrAus Limited (FRS) has made the following amendment to its media statement of Thursday 14 January 2010.
The paragraph which was published as;
Managing Director, Mike Amundsen, said this new resource, together with updated results from other areas drilled in the fourth quarter of 2009, is expected to be announced during the next month.
has now been amended to:
Managing Director, Mike Amundsen, said that a resource estimate for this area, together with updated results from other areas drilled in the fourth quarter of 2009, is expected to be announced during the next month.
FerrAus Limited - Amended release follows below.
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FerrAus Limited (
ASX:FRS) (PINK:FRRAF) is pleased to announce further exploration success at its East Pilbara exploration project, continuing the flow of high grade Direct Shipping Ore (DSO) results from its Davidson Creek area.
The Mirrin Mirrin Prospect is located two kilometres north west from Python Resource and is the closest of the FerrAus prospects to the Jimblebar rail head (approximately 30 kilometres to the west).
The initial identification of the Mirrin Mirrin mineralised trend was announced in August 2009 after an 18 hole drill program. A further 39 RC drill holes, completed towards the end of 2009 for a total of 5,556 metres, outlined iron mineralisation over a strike length of 800m.
Best results include the following intersections:-------------------------------------------------DCRC0622 56 metres @ 59.3 per cent FeDCRC0650 60 metres @ 58 per cent FeDCRC0651 76 metres @ 60.3 per cent FeDCRC0661A 54 metres @ 59.4 per cent FeDCRC0663 48 metres @ 60.2 per cent Fe-------------------------------------------------
Managing Director, Mike Amundsen, said that a resource estimate for this area, together with updated results from other areas drilled in the fourth quarter of 2009, is expected to be announced during the next month.
"We are seeing a rebound in iron ore demand and spot prices, as well as strong customer interest and support in new emerging projects with substantive resources," he said.
"In recent months we have received visits from major Asian steel mills expressing interest in FerrAus. "We have already identified more than 166 million tonnes* in total resources, concentrated within a 20 kilometre radius and have just commenced an aggressive drilling program for 2010," Mr Amundsen said.
The Mirrin Mirrin Prospect has a mineralised trend of some three kilometres strike extent and is still open to the east, west and down dip. This drilling also intersected zones of detrital ore, which have not been closed off.
Results from this drilling program, covering approximately one third of the total Mirrin Mirrin mineralisation trend, will form the basis for a maiden resource.
Further drilling on the remainder of the Mirrin Mirrin trend is planned for the second quarter of 2010.
* 166.6 million tonnes (23.8 million tonnes - Measured, 43.2 million tonnes - Indicated, 99.6 million tonnes - Inferred). Resource estimates are in accordance with AusIMM JORC Code 2004 reported in ASX announcement 3/6/2009.
For the complete FerrAus Limited ASX Announcement including Tables and Figures, please click the link below:
http://www.abnnewswire.net/media/en/docs/62091-ASX-FRS-176407.pdf
Contact
Investor / Media Contact:
Gareth Widger
Mob: +61-4-1991-8272
Email: info@ferraus.com
www.ferraus.com
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