new hit

FerrAus Ltd (ASX:FRS) reports it has made a major new discovery of iron mineralisation at the Python prospect within its Davidson Creek project in the East Pilbara region of Western Australia.

Potential size of the Python discovery is 35m to 45m tonnes with the iron mineralisation about 1500m long by 100m to 350m wide by 30m to 80m thick. Mineralisation remains open both along strike and down dip.

"This new discovery at the Python prospect forms a continuous zone of iron mineralisation over a strike length of 2.7km with the adjacent Gwardar prospect," managing director Mr David Turvey said.

"Together they have the potential to contain 60m to 80m tonnes of iron mineralisation to a depth of about 180m.

"FerrAus believes it will identify iron mineralisation and grow the combined resource base at the Davidson Creek project to greater than 100m tonnes of direct shipping hematite grading 58pc to 60pc Fe.

"This exciting discovery allows FerrAus to review its mine development plans to consider large-scale production of up to 10m tonnes per year," Mr Turvey said.

Drill intersections at the Python prospect include:

DCRC 096 - 34m at 59.8pc iron;

DCRC 098 - 32m at 59.8pc iron;

DCRC 099 - 38m at 59.7pc iron;

DCRC 105 - 80m at 60.3pc iron;

DCRC 106 - 54m at 59.4pc iron;

DCRC 116 - 78m at 60.5pc iron;

DCRC 125 - 44m at 58.5pc iron; and

DCRC 126 - 74m at 58.6pc iron.