huge new iron ore targets

"Two new high quality targets for iron ore (Numancia and (Hercules) identified within Wilcherry Hill (S.A.) iron project

• Equivalent geological and structural setting to Middleback Range iron ore deposits identified at both prospects
• Ironstone identified in previous limited, shallow RAB drilling but not analysed for Fe within large area of elevated iron results in surface samples at Numancia
• Iron grades up to 59.8% Fe in rock chip samples at Hercules
• Initial drill testing of Numancia and further assessment of Hercules planned for first quarter of 2008.

The new prospects were identified following a review of previous exploration for base metals and gold by other explorers and initial ground follow-up by Ironclad. Both prospects share many geological and geochemical similarities with Middleback Range iron ore resources, approximately 70 kilometres to the south east, which have been mined for more than 100 years and currently produce approximately 6.4 million tonnes per year of high grade iron ore products.

Both the Hercules and Numancia prospects are considered to have potential for large tonnage hematite or magnetite resources because..."

From today's ASX release by the TRF controlled IFE.