Iron Road Limited (ASX:IRD) Updates Stage IV Exploratory Drilling Programme At Central Eyre Iron Project
Perth, July 13, 2010 AEST (ABN Newswire) - Iron Road Limited (
ASX:IRD) is pleased to advise that the Stage IV exploratory drilling programme at the Central Eyre Iron Project (CEIP) continues to progress to plan. Iron Road's corporate objectives include increasing the mineral resource estimate across the Central Eyre Iron Project to 500Mt in 2010.
CEIP Summary
- Diamond drilling currently in progress at Murphy South and Ben's Hill.
- Drilling at Murphy South expanded from three to eight holes across the mineralisation due to exceptional width and thickness of magnetite gneiss intersected in this area.
- RC pre-collars in progress at Fairview East.
Progress to Date
---------------------------------------------------------------Hole Type Metres Completed (m) Holes Completed (No.)---------------------------------------------------------------RC (pre-collar) 1,354 27Diamond 2,495 12---------------------------------------------------------------Total planned 11,275 47---------------------------------------------------------------
The current drilling programme is the second of several planned for 2010 and will test several high potential targets that have been selected based on geophysical and historical data. The Company expects that the current programme will lead to at least two further mineral resource expansion programmes this year. Additional drilling capacity has therefore been secured.
Murphy South
Permission has been granted by Primary Industries and Resources South Australia (PIRSA) to extend the existing traverse of three holes by an additional five for a total of eight holes. This was requested since significant thicknesses of magnetite gneiss were intersected in the initial three holes suggesting structural thickening and extension of magnetite gneiss to the south. Two additional holes completed since support the proposition and it is expected that magnetite gneiss of significant thickness will be intersected in the remaining three holes situated to the south.
It is possible that destructive interference of the magnetic analytic signal across a tight fold structure may be masking the true potential of this area to host a substantial deposit of magnetite. Every drill hole on this traverse has intersected significant magnetite gneiss that in several instances have continuous down hole thicknesses in the order of 120m.
Ben's Hill
At Bens Hill all RC pre-collars are complete and the seventh diamond drill hole is in progress. All holes have intersected significant intervals of magnetite gneiss that demonstrate good continuity down dip with the magnetic analytic signal supporting continuity along strike.
Fairview East
At Fairview East RC pre-collars are being drilled in preparation for diamond drilling.
For the complete Iron Road announcement including figures, please view the following link:
http://www.abnnewswire.net/media/en/docs/63287-ASX-IRD-497302.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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