Monday, 18 Jul 2011
Meteoric Resources has unveiled several areas of hematite-altered banded iron formation from recent geological mapping and sampling at the Coorara iron project.
Following the initial drilling program at Meteoric's wholly owned Coorara project in the South Yilgarn iron ore province, the company has been seeking additional drilling targets for hematite goethite mineralisation with direct shipping potential.
Some of these target areas comprise elevated laterite-covered BIF considered to have potential for thicker hematite-goethite mineralisation.
Meteoric has a 40 kilometre strike length of BIF at the Coorara project, tellingly located just 50 kilometres from the Kalgoorlie-Kwinana standard gauge railway and east of Cliffs Natural Resources Inc Yilgarn tenements and iron ore mine.
Significantly, the 40 kilometre-long BIF sequence has potential for magnetite ore similar to Macarther Minerals’ identified magnetite resource of 1.3 billion tonne at 30.1% iron situated immediately north along strike from Coorara.
In addition, the company said that "mapping identified several occurrences of cemented detrital hematite goethite mineralisation on the flanks of the BIF sequence."
Meteoric has an exploration target of 1 billion tonnes of predominantly magnetite with hematite alteration. The significant advantage enjoyed by Coorara is the closeness to standard gauge rail and access to either Esperance or Kwinana ports.
(sourced ProactIveinvestors)
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