Western Desert Resources and ITOCHU find more high grade iron ore in NT by Andrew McCrea
Emerging iron ore developer Western Desert Resources (ASX: WDR) has provided investors with more thrills today, as the company intersected more high grade iron mineralisation at the Roper Bar iron ore project in the Northern Territory.
The project, a joint venture with Japanese trading house Itochu, received assay results from drilling at Area F within the northern boundary.
The best intersection was 5m at 65% Fe in drillhole RBRC188.
Other significant drilled intersections of >60%Fe included: Hole RBRC187 from 49 to 52m intersected 3m at 65.0% Fe, Hole RBRC188 from 59 to 64m intersected 5m at 64.4% Fe.
High grade iron mineralisation now extends over 2.7km of strike length and continues to at least 90m depth. Interestingly, the mineralised zone is still open at depth and along strike.
The Roper Bar project consists of six granted exploration licences (EL24307, EL24655, EL24944, EL25672, EL26759 and EL26992).
The tenements are located in the Gulf Country of the Northern Territory about 40km from the coast.
The area being tested by WDR and Itochu in the current program covers only 24 square kilometres.
When compared with a potential target area identified by geological mapping of in excess of 200 square kilometres, the company's excitment and the market's positive response is palpable.
Norm Gardner managing director of WDR said "these results confirm continuity of high grade zones both east and west of our original Area F east drilling and strengthens our belief that this zone could extend for the entire strike length of Area F."
With all assays now received for Area F east, work will begin on a resource estimate for area F east.
A resource estimate for Area D will be released shortly.
WDR Price at posting:
78.3¢ Sentiment: Buy Disclosure: Held
