MEDIA RELEASE 31 OCTOBER 2007
TERRITORY HITS MORE HIGH GRADE ORE
Australian resources group Territory Resources (ASX:TTY) announces further exploration
success at its Frances Creek iron ore project in the Northern Territory, as it targets an
anticipated resources upgrade by the end of the year.
Territory has achieved outstanding drilling and assay results at the Jasmine Central and
Helen 11 project areas at Frances Creek, where it has undertaken about 3,000 metres of
drilling at priority iron ore targets.
Best results at Helene 11 include 40m at 62% Fe from 39m depth, while drilling at Jasmine
Central identified high grade iron ore up to 67.3% Fe including an intercept in excess of 40m
at 63.6%Fe.
Territory’s Operations Director, Bruce McFadzean, said the results confirmed mineralisation
potential and more detailed testing was now underway.
“These results confirm the continuing high grade iron ore potential of our Northern Territory
tenements, and we are now working toward a redefinition of our resource base during the
next quarter,” Mr McFadzean said.
“As part of our drive for exploration excellence we are continuing to aggressively explore our
near mine targets to extend known ore bodies and our northern tenements for new ore
discoveries,” Mr McFadzean said.
Territory this month increased its Indicated Resource base, following testing of fines material
from past mining activity. The Company’s combined Inferred and Indicated Resource is now
above 10 million tonnes, at an average of 60.47% Fe. In addition, Territory now has more
than five million tonnes in Reserves.
Helene 11
Territory has achieved some outstanding results from drilling at its Helene 11 deposit, with a
number of +25m intercepts achieved from the 1,610m drilled here. (Best results are shown in
Table 1 - overpage).
Mineralisation has been drill defined over about a 100m strike extent and remains open to the
north. Drilling is continuing with a resource estimate anticipated by the end of next quarter.
Jasmine Central
Further excellent assay results were also achieved at the Jasmine Central deposit, where 14
holes for 1359m were drilled beneath the Jasmine Central abandoned pit floor. Results
confirm significant iron mineralisation over about a 200m strike extent, and to a vertical depth
of about 50m below the pit floor. (Best results are shown in Table 2 - overpage).
Drilling has now been completed on a 30m-drill line spacing across the deposit. A further
additional 900m of drilling is planned early next quarter, and a resource estimate will be
available once this work and modelling are completed.
MEDIA RELEASE 31 OCTOBER 2007TERRITORY HITS MORE HIGH GRADE...
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