• 709km2 of Joint Venture Tenements • PSP to drill two iron ore exploration targets: 50-60Mt and 96-120Mt. • ACS to drill their Magnetite Range iron ore exploration targets.
Australian diversified minerals exploration company Mawson West (ASX: MWE) (“Mawson West” or “the company”) has several Joint Ventures in the mid-west iron ore province of Western Australia. Prosperity Resources (PSP) is farming into the Woolshed JV tenements (453km2) by spending $500,000 over three years to earn 60%. Accent Resources (ACS-80%) and MWE (20% - contributing) are in a joint venture over the Mt Gibson South tenement (172km2). Silver Swan Group (SWN) is farming into the Kiaby Well JV (84km2) by spending $300,000 over three years to earn 60%. Figure 1 shows the location of the various joint ventures.
Woolshed JV – (PSP earning 60%)
Prosperity will drill two iron ore exploration targets during the current quarter; a 50- 60Mt target at the Woolshed prospect and a 96-120Mt target at the Warriedar prospect.
Woolshed Prospect
This prospect was assessed by Hematite Consultants and a detailed surface mapping and sampling programme completed. The core exploration target defined by the assessment and subsequent mapping and sampling has been identified with dimensions approximately 2500m by 500m and then open under cover to the south west. The thickness of the enriched portion of the banded iron formation (BIF) cannot be proven by surface mapping alone, but is estimated to be 30-50m. Based on an inferred enriched width of 50m, an assumed depth to 150 metres and an assumed bulk density of 3t/m3, an exploration target of between 50 and 60 million tonnes of iron ore material is to be drill tested. Further detailed mapping is planned to assess a south west extension to the zone. The surface exposure of the iron formation has been mapped over a strike length of 800m; aeromagnetic interpretation infers a total strike of 2.5 km.
PSP Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
