Ann: Warramboo Stage 1 Drilling Update , page-3

I dont own IRD, but i had a look at the drilling result highlights:

- RCIR001 8m at 22.1% Fe; 30m at 23.6% Fe, including 11m at 25.6% Fe.

- RCIR003 4m at 26.7% Fe.

- RCIR004 15m at 25.2% Fe, including 6m at 28.3% Fe; 24m at 22.2% Fe, including 6m at 26.1% Fe and 3m at 26.5% Fe.

- RCIR010 8m at 25.0% Fe, including 3m at 27.5% Fe; 13m at 20.4% Fe.

- RCIR011 4m at 27.2% Fe; 9m at 23.0% Fe; 12m at 21.3% Fe; 4m at 22.5% Fe.

- RCIR013 36m at 21.5% Fe, including 5m at 25.0% Fe.

- RCIR014 5m at 25.1% Fe.

- RCIR016 15m at 24.4% Fe; 8m at 29.0% Fe, including 4m at 31.6% Fe; 3m at 25% Fe.

- RCIR019 6m at 23.4% Fe, including 3m at 27.6% Fe; 5m at 22.4% Fe; 12m at 21.5% Fe; 7m at 21.3% Fe.

- RCIR025 19m at 30.0% Fe, including 5m at 36% Fe; 32m at 27.0% Fe, including 4m at 29.5% Fe and 7m at 30.0% Fe.

- RCIR026 18m at 21.9% Fe; 10m at 27.4% Fe, including 5m at 29.4% Fe.


For low grade magnetite iron, its fair to good results. Would be better if magnetite mineralisation continued for thicker/deeper intersections.
What u need to look for is the beneficiation treatment results of the iron, which is the upgraded results done to low grade iron. They havent released these test results in this announcement, as more time will be needed for tests, if done. But look for good recovery % and high iron values from the beneficiation results.
IRD could be sitting on a high volume project for long term. But more tests should be done to prove potential and work out how much money the project could make.
Hope that helps.