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Great Gold shares closed at 3.2c on Tuesday but hit 8.7c as investors applied the frenzy factor. Things calmed a bit as the day wore on, but the shares still closed up 59.4 per cent at 5.1c.

And then Peel Exploration got into act with a drill hole showing high grade tungsten and molybdenum - like iron ore, feedstock metals for steel makers. Its stock booted up 34.5 per cent to 35c. It must be all this talk from analysts that they expect the 2008 iron ore contract negotiations to yield another 25 per cent price hike - at least. That would be after 71.5 per cent in 2005 and 19 per cent in 2006.

While Peel's project is located 20km north of Tamworth, NSW, the other factor about the two iron ore big hits of the week is that the Iron Mountain and Great Gold projects are neighbours in Western Australia.

They lie 100km west of Leonora, which is the railhead of a standard gauge line to the port of Esperance.

Mr Gutnick's Mt Bevan project has another happy coincidence in that it adjoins the Mt Mason project owned by Jupiter Mines. It was just a day earlier that Jupiter had announced an increased resource on its ground of 2.2 million tonnes at 60.6 per cent iron ore.

Great Gold, which says its find is on the same geological formation as Jupiter's, reported hematite had been found in several locations and it appeared the mineralisation could extend over 20km.

Previous geological work there had reported iron ore grades up to 61.8 per cent.

There's a long way to go, however. Great Gold said further detailed mapping and sampling was required.

Then will come the drilling, which should reveal all.
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