rumours behind price surge ?, page-10

Exploration Target*
upgraded to:
? 515Mt- 675Mt @ 26%-46%, including
? 15Mt ? 25Mt 56%-62%DSO

Better results include:
? 16m @ 61.3% Fe from 12m, ICRC01
? 20m @ 60.0% Fe from 4m, ICRC02
? 16m @ 61.2% Fe from 20m, ICRC33
? 16m @ 57.3% Fe from 8m, ICRC37
? 20m @ 57.5% Fe from 32m, ICRC43
? 85m @ 44.87% Fe from surface, ICRC 04
? 100m @ 32.5% Fe from surface, ICRC218
? 120m @ 32% Fe from 36m, ICRC28


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600MT of high grade (36%) magnetite @ 20 cents per tonne is worth $120m

20MT of 59% DSO @ $6 per tonne is worth $120m

the fully diluted market cap of FEL @ 20 cents per share is $27m