Iron Road Limited (ASX:IRD) Received PACE Grant At Gawler Iron Project
Perth, May 19, 2010 AEST (ABN Newswire) - Iron Road Limited (
ASX:IRD) is pleased to announce that the South Australian Government has awarded the Company a PACE grant for diamond drilling at the Gawler Iron Project.
Funding to the level of A$60,000 has been approved as part of the South Australian Government's Plan for Accelerating Exploration (PACE) initiative under Theme 2 - Drilling Collaboration between PIRSA and Industry. Only 23 projects from 63 proposals were successful.
Iron Road is currently testing several iron ore targets during the Stage I RC drilling at the Gawler Iron Project approximately 25km north of the Trans Australian Railway. This area has not been systematically explored for iron ore despite reconnaissance drilling of surface outcrops by the South Australian government in the 1960's that identified several BIF-hosted iron deposits.
The proposed diamond drilling programme planned as part of Stage II drilling, supported by the approved PACE funding, will test coincident gravity and magnetic anomalies potentially associated with recessive zones of iron enrichment. An exploration model similar to the style of mineralisation found at the Archaen K Deposit at Kollyanobbing has been proposed.
Confirmation of this model would present a new style of iron mineralisation in South Australia that may have economic benefits.
Iron Road Managing Director, Andrew Stocks said that the award of the grant was a welcome vote of support from the South Australian Government. "We've developed a robust exploration model for Gawler, and it is very pleasing to have the South Australian Government agree that both the model and project are worthy of support.
Stage I drilling has already delivered some very wide hematite intercepts and we look forward to testing this potential further in Stage II," said Mr Stocks.
For the complete Iron Road announcement including figures, please view the following link:
http://www.abnnewswire.net/media/en/docs/62900-ASX-IRD-491663.pdf
Contact
Andrew Stocks
Managing Director
Iron Road Limited
Tel: +61-8-9200-6020
Mob: +61-403-226-748
Email: astocks@ironroadlimited.com.au
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