70% fe and 3% silica

Anybody watching this? The company is valued at $23m on the ASX. Surely that can't last.

Mount Alexander Magnetite Iron Project -
Resource Drilling Update
? 9 of the planned 12 RC holes in the maiden Inferred Resource
Drilling program have been completed to date.
? The geology intersected supports interpretation from surface
mapping that underpins the Company?s 0.6 ? 1.2 billion tonne
@ 25% to 35% Fe Exploration Target*.
? Assays have been received for the first hole drilled which
returned 158 metres @ 26.8% Fe.
? DTR results from this hole confirm that Mt Alexander can
produce a concentrate of 70% iron and less than 3% silica at
p80/40 micron grind.
? Drilling is scheduled for completion in mid February and
resource estimation will begin immediately.
? A scoping study to identify a development strategy for the
project is well advanced.
? Results of the resource estimate and scoping study are
scheduled for release at the end of the March Quarter.