re: Ann: HAO: Initial Iron Ore Mineral Resour...
Maiden resource for Daltons JV Kristie Batten Monday, 14 September 2009
GIRALIA Resources and Haoma Mining have announced an initial haematite resource for the Mt Webber iron ore deposit, part of the Daltons joint venture in the Pilbara.
Mt Webber has an inferred resource of 40 million tonnes grading 57.3% iron or 62.3% calcined iron, 0.08% phosphorus, 7.46% silica, 1.42% alumina and 8% loss on ignition.
The resource includes a higher-grade component of 24.6Mt grading 59% iron or 64.2% calcined iron and 1.33% alumina.
The initial resource was calculated using data from the first 40 reverse circulation holes drilled in May to August this year.
The JV partners believe there is scope for the resource to grow, based on recent rock sampling and mapping.
Giralia chairman Graham Riley said the deposit was one of the largest junior-owned direct shipping resources within trucking distance of Port Hedland.
“The low alumina content and high LOI should make this ore very saleable and the deposit is right at surface,” he said.
The JV partners will carry out a scoping study to evaluate development options for the project.
The deposit adjoins Atlas Iron’s Mt Webber prospect, which has a resource of 32.62Mt grading 57.3% iron.
Giralia holds a 75% interest in the Daltons JV, with Haoma Mining holding the remaining stake and retaining the rights to gold-silver and tin-tantalum mineralisation.
GIR Price at posting:
92.0¢ Sentiment: LT Buy Disclosure: Held
