Ann: Up to 66% Fe Kallona Pool , page-2

Undil. market cap of $5.7m. Cash at end of 09/09, $4.5m. 47m shares on offer (total 64m) with 17m escrowed. When will they begin drilling? One to watch.

Condor samples up to 66pc iron at Kallona Pool
13:55, Tuesday, 12 January 2010

Sydney - Tuesday - January 12: (RWE Australian Business News) -
Condor Nickel Ltd (ASX:CNK) today announced "very encouraging" iron
results at its Kallona Pool tenement in the East Pilbara district of
Western Australia.
The Kallona Pool prospect is about 50km east of Noreena Downs
Station on the Balfour Downs sheet.
A two-day reconnaissance rock ship sampling program was recently
completed at the Kallona Pool prospect.
The program focused on a ferruginous duricrust horizon mapped on
the Balfour Downs 1:250,000 geological sheet.
This duricrust horizon is inferred to represent the Marra Mamba
Formation.
Field observations confirm this duricrust horizon is associated
with a banded iron formation (BIF) and forms a dissected escarpment
striking east to west and dipping at 5 to 10 degrees to the north.
The duricrust horizon was traced along strike for about 2km
although the Balfour Downs geological map reports a total strike length
of 10km.
Its true thickness is unclear, although at the escarpment an
apparent thickness of 4m was recorded.
The rock chip sampling program was focused along the escarpment,
although several samples were collected up to 150m down dip until
colluvium and transported lateritic material dominated the regolith.

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Twenty-two rock chip samples, each weighing a minimum of 5kg,
were collected along only a 2km length of the duricrust horizon
although, as mentioned above, this duricrust horizon has been mapped
over a 10km strike length.
Samples were submitted to Genalysis Laboratory Services Pty Ltd
in Maddington, WA for analysis by XRF.
Results were "very encouraging" with 19 of the 22 rock chip
samples reporting greater than 57pc Fe. Of those 19 samples, 10 reported
greater than 61pc Fe up to a maximum of 66.58pc Fe.
Low to medium levels of aluminium, silica and phosphorus were
also reported.
Geochemical results and outcrop textures confirm the ferruginous
duricrust horizon most likely represents the Marra Mamba Formation.
Sample 09KR 18, also collected within the duricrust horizon,
returned a high-grade manganese result (51.35pc Mn).
The manganiferous outcrop is 1.5m thick and can be traced along
strike for at least 10m before being obscured by colluvium.
In summary, a tabular east to west striking, shallow northerly
dipping, ferruginous duricrust horizon with an apparent outcrop
thickness of 4m was observed within the tenement.
This horizon (Marra Mamba Formation) returned significant iron
ore grades over a strike distance of 2km and is open along strike to the
east and west.
A high-grade manganese result has also been reported within the
ferruginous horizon. This result, as well as the significant widespread
iron ore anomalism, requires follow-up work.