MRD AGGRESSIVE BUYING TODAY looks like BIG UPSIDE to come, page-344

$MRD
• Mount Ridley Mines has received firm commitments for a placement to raise $858,803 from sophisticated and professional investors (364,132,582 ordinary shares issued 0.0025)
• Funds raised will be utilised for drilling at the Weld Range West Iron Project (WRWIP) scheduled to commence Mid-April

ABOUT THE WELD RANGE WEST IRON PROJECT

The recently acquired Weld Range West Iron Project is in the mid-west of Western Australia and covers an area of 52km2. Drilling is designed to target direct-shipping iron ore. The Project covers approximately 10km or 18% of the overall Weld Range BIF sequence, which elsewhere hosts the Madoonga and Beebyn iron deposits (owned by Sinosteel Midwest Group) and Iron Ridge iron deposit (Fenix Resources Limited).

Three parallel BIF horizons are recognised, referred to from north to south as the Madoonga Formation, the Lulworth Formation and the southern-most the Wilgie Mia Formation. All are prospective for high-grade (>62.5% Fe) iron ore. Areas of the tenements are also prospective for gold.