Havilah Resources NL (ASX:HAV) Lilydale Iron Ore Project Delivers Positive Drilling Results
Perth, April 1, 2010 AEST (ABN Newswire) - Havilah Resources NL (
ASX:HAV) announce a shallow reconnaissance RC percussion drilling program commenced in late February at the Lilydale iron ore prospect. Drilling targeted the area of highest combined gravity and magnetic response along a poorly exposed portion of the Braemar Iron Formation, where it was interpreted that the concentration of iron would be highest. Five drillholes were completed before heavy rains in the district prematurely halted the drilling program.
Dr Bob Johnson, Havilah's Chairman, said that consistent grades of 29-33% Fe in magnetite bearing ironstone were returned from three widely spaced locations, which indicated considerable tonnage potential. In most places, the magnetite mineralization appears to have been replaced by a thin more enriched hematite layer at the surface, caused by limited oxidation of the iron formation.
"The drill samples have a high magnetite content, which is potentially favourable for beneficiation. We will now conduct Davis Tube test work on the drill samples in order to determine the extent to which the magnetite bearing iron formation can be upgraded to a saleable product " he said.
The Lilydale iron ore projects lies 50 km southeast of Yunta, which is located on the Transcontinental Railway, some 200 km east of Port Pirie. Aeromagnetic anomalies associated with magnetic ironstone indicate at least 20 km of strike of the Braemar Iron Formation lie within Havilah's 100% owned EL 3519. The five drillholes recently completed by Havilah represent the only exploration holes ever drilled into this portion of the iron formation and the results justify a major exploration program.
Havilah is presently in discussions with potential foreign joint venture partners involved in the steel industry to provide funding for future planned resource drilling and feasibility studies.
Three separate areas were drilled as shown on the accompanying map. At each location, well developed magnetite-rich ironstone was intersected, with better assay results as follows:
-----------------------------------------------------------------------Hole Number From(m) To(m) Interval(m) %Fe(dry basis) Comment-----------------------------------------------------------------------ORRC 2 6 17 11 33 Low ironstone outcropand 20 40 20 29 (58.6% Fe at surface)ORRC 4 6 19 13 31.2 Gravity high and ironstoneand 39 57 18 29.1ORRC 5 45 60 15 29.5 Gravity high, no outcropand 63 74 11 29.3-----------------------------------------------------------------------
For the complete Havilah Resources announcement, please click the link below:
http://www.abnnewswire.net/media/en/docs/62544-ASX-HAV-177474.pdf
About Havilah Resources Ltd
Havilah Resources Ltd (ASX:HAV) is a debt free South Australian gold producer having recently financed and developed its first gold mine at Portia in north-eastern South Australia. It plans to follow on with three copper-gold-cobalt mining developments at North Portia, Kalkaroo and Mutooroo, which are underpinned by a JORC resources mineral inventory of over 1.4 million tonnes of copper, 3.6 million ounces of gold, and 18,000 tonnes of cobalt.
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