Ann: Resource Update at Wilcherry Hill and Hercul, page-6

re: Ann: Resource Update at Wilcherry Hill an... IronClad upgrades South Australian projects

Tuesday, 23 December 2008
Kristie Batten

IRONCLAD Mining has announced a 33% upgrade in high-grade crystalline magnetite resources at the Wilcherry Hill project and defined an initial haematite-magnetite resource at the Hercules deposit.

Wilcherry Hill now has an indicated and inferred resource of 59.9 million tonnes grading 30.6% iron.

The company also identified significant potential for additional crystalline magnetite resources at the 2.8 kilometre long Ultima Dam West prospect, but will need further drilling to enable resource modelling.

Bulk sample metallurgical testing carried out at the Weednanna prospect returned iron grades of up to 71%.

IronClad has also released a maiden inferred resource for the Hercules prospect of 215.6Mt grading 27.7% iron, comprising detrital, goethite-haematite, goethite-haematite-manganese and magnetite material.

Perth-based IronClad has set an exploration target of 500 million to 1 billion tonnes at Hercules.

Trafford Resources holds a 50% stake in IronClad and a 20% free-carried interest in the Wilcherry Hill project, while IronClad entered a joint venture with Lincoln Minerals earlier this year to gain access to the southern part of the Hercules deposit.

Late last month IronClad signed a memorandum of understanding with Chinese company Wuhan Iron and Steel Corporation of China.

Under the terms of the MoU, the Chinese company would fully fund development of Wilcherry Hill and Hercules through to completion of a bankable feasibility study.

IronClad shares remained at 24c this morning.