iron ore ... talks with asian steelmakers ..

The TRF controlled IFE has told the ASX that "Market Interest from East Asian steelmakers intensifies. Substantial increase in customer inquiries."

IFE released to the ASX they waited to "talk about specific selling arrangements until the full scope of the Wilcherry Hill Iron Ore Project has been determined. However, as that time is now approaching, the Company has commenced substantive discussions with two potential buyers in the past month. It also intends to open further discussions with selected additional interested parties in the coming months."

The outstanding progress report to the ASX told us drilling found more "strong intersections of crystalline magnetite" where "impurity content remains extremely low."

The "Davis Tube Recovery (DTR) tests" that "were carried out on Weednanna" provided "outstanding" results "with the
average iron grade from all concentrates being 66.8% Fe. Iron in concentrate ranged from 60.3% to 70.6% Fe." In addition, "10 of the 19 holes tested returned concentrate grades at, or in excess of, 69% Fe. - once again confirming direct reduction (DR) grade ore as a clear export target."

Drilling is now moving on to the Hercules Prospect:

"With a strike length of over 9 kms at Hercules, there is potential for considerable quantities of both direct shipping hematite ore and magnetite ore in a geological setting similar to that of the Middleback iron deposits, where iron ore has been mined for over 100 years.."

Comment:
What we have here is a quality exploration project with huge upside. We don't just have rock chip samples and hype which we might find from numerous iron ore companies with market caps way above the token $40 million or so that TRF and IFE are currently capitalised at.