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Drill results boost Territory


Wednesday, 31 October 2007

SHARES in Territory Resources have climbed 24% on wide, high-grade iron hits from its Frances Creek project in the Northern Territory.



Territory Resource's Frances Creek iron ore project in the Northern Territory

The company has received results from the Jasmine Central and Helene 11 project areas where some 300m have been drilled.

Results from Jasmine Central include 44m at 63.6% iron, 0.13% phosphorous, 1.8 aluminium oxide, 2.2% silica and 0.4% loss on ignition (LOI), and 32m at 63.1% iron, 0.08% phosphorous, 2.4% aluminium oxide, 6.4% silica and 0.9% LOI.

At Helene 11, results include 40m at 62% iron, 0.16% phosphorous, 2% aluminium oxide, 3.8% silica and 1.7% LOI, 39m at 62.3% iron, 0.15% phosphorous, 2% aluminium oxide, 3.9% silica and 1.4% LOI, and 34m at 64.1% iron, 0.12% phosphorous, 1.1% aluminium oxide, 2.8% silica and 1.8% LOI.

"These results confirm the continuing high-grade iron ore potential of our Northern Territory tenements, and we are now working toward redefinition of our resource base during the next quarter," technical operations director Bruce McFadzean said.

Drilling is continuing at Helene 11 where mineralisation has been drill defined over a 100m strike extent and remains open to the north.

Meanwhile at Jasmine, drilling has wrapped up and an additional 900m of drilling is planned for early next quarter.

Shares in Territory climbed 25.7c to an intraday high of $1.43 before cooling to $1.365 in late morning trade today.