Fortescue reported today on the project they have to the west (...

Fortescue reported today on the project they have to the west ( North West I think) of Gondwana's Corunna Downs iron ore project in the Pilbara. Glacier Valley is pretty close to GDA's tenement and AGO's Abydos iron ore project ( part of which they have entered into a JV with FMG). Drilling on the Darby prospect has intersected strongly magnetic BIF up to 400m thick....... from the FMG announcement.....

"Boasteel JV focuses on the 2nd stage drilling campaign for
Glacier Valley
Glacier Valley (Baosteel earning up to a 50% interest).
Phase One of the drill testing of this magnetite project was completed in late January. Drilling on the Darby prospect has intersected strongly magnetic BIF up to 400m thick and open at depths of greater than 300m. Davis Tube Testing has given very positive results producing a
magnetite concentrate of 67 to 69% Fe comparable to or better than other major Australian magnetite projects.
Phase Two is a more intensive RC drilling program intended to lead to an estimate of Inferred Resources. It commenced in June and is now complete with 9,187 metres drilled. Assays from this drilling are being received and appear to be in line with results from Phase One.
Diamond drilling commenced early in August. We are presently drilling the third hole in a four hole - 1320 metre program, which is expected to be completed in the second half of November.".....
The full FMG report...
http://aspect.comsec.com.au/asxdata/20081013/pdf/00889709.pdf
They talk about 67 to 69% Fe which does not surprise me as the rock chip samples GDA has reported on have exceptionally high Fe as well ( CaFe iron previously posted on).
MXR started a bit of a share price recovery today and I expect GDA could well do so before too long also.....bring on the gravity survey results !
I think GDA should be around 35c not 3.5c.