JIGALONG IRON TARGETS
· Recent gravity survey identifies targets for Iron Ore mineralisation
Hannans Reward Ltd (ASX: HNR) has recently received preliminary results for a ground-based
gravity survey completed during December 2007 at the Jigalong Project. The survey successfully
identified gravity highs that may represent iron ore mineralisation over a strike length of approximately
9km kilometers, remaining open to the south east. Please refer to the attached map which highlights
the Hannans gravity anomalies and subsequent iron targets.
The gravity survey was designed to delineate the presence of dense iron mineralisation within the
prospective Marra Mamba Formation which is interpreted to extend into the Jigalong Project
tenements. Importantly, this Formation outcrops immediately west of the Hannans’ tenement
boundary within ground owned by FerrAus Ltd (“FRS”) where grades of +60% iron have been
intersected in recent RC drilling (refer FRS ASX release dated 17 December 2007). FRS has also
delineated an iron resource at its Robertson Range Project located directly south of Hannans’
tenements.
Early geophysical modeling by Southern Geoscience Consultants (www.sgc.com.au) has indicated
the presence of several ‘dense bodies’ of interest for potential iron mineralisation. These gravity
anomalies sit in a stratigraphically (i.e. geologically) favourable position with initial interpretation
supporting the proposition that it is indeed the Marra Mamba Formation.
A first phase reverse circulation (RC) drill programme of approximately 3,000m has been designed to
confirm both the presence of the Marra Mamba Formation and importantly iron mineralisation.
Preparations are now underway to complete heritage surveys to allow drill testing of the gravity
targets at the earliest possible opportunity during the next field season.
By way of background the Jigalong Project is the subject of a Memorandum of Understanding
between Hannans Reward Ltd and Jigalong Community Inc dated 20 October 2003. A substantive
agreement covering the terms in the MOU has not yet been signed by either party. The principal terms
of the MOU are that it is an equal joint venture with both parties required to contribute to exploration
expenditure or be subject to dilution. The Jigalong Project tenements are registered in the name of
Errawarra Pty Ltd, currently a wholly owned subsidiary of Hannans Reward Ltd.
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