The Padbury Mining JV has recently released a conceptual...

The Padbury Mining JV has recently released a conceptual exploration target for magnetite of some 5.5 - 6.5 Bt @ 30-40% Fe. The target is based on 57.5km of strong magnetic strike over known BIF (Banded Iron Formations). The process used to calculate this target is a common and proven method used by many mineral explorers. I have been asked how this compares to other explorers and if such a high number can be true or is it just hype. Well, I am not a geologist but I can compare one recent announcement to another and draw some conculsions.

Today I will compare the recent announcement made by Jupiter Mines (ASX: JMS) and their magnetite exploration target at their Mt Ida prospect of some 1.1 - 1.3 Bt @ 30-40% Fe over 7.5km. The Mt Ida project is part of the greater regional Central Yirlgarn Iron Project (CYIP) comprising a number of other Mineral Explorers. Palinghust has a strong interest in the CYIP and is majority shareholder of JMS. I have previosly drawn a comparison of the PMJV to entire CYIP in this posting http://vautexhc.wordpress.com/2009/08/24/padbury-mining-midwest-iron-ore-project-comparison/

Refer to this announcement form the PMJV "http://www.asx.com.au/asx/statistics/displayAnnouncement.do?display=pdf&idsId=01018538" and this one from JMS "http://www.asx.com.au/asx/statistics/displayAnnouncement.do?display=pdf&idsId=01021212"

Here is map showing the two projects at the same scale.



Until next time I will leave it up to you to draw your own conclusions.

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