Territory Iron prepares to drill at Frances Creek
09:10, Wednesday, 27 April 2005
Sydney - Wednesday - April 27: (RWE Australian Business News) -
Recently listed Territory Iron Ltd (TFE) is to start an intensive
drilling campaign focusing on its Frances Creek tenements in late May.
The company has secured two drilling rigs and is budgeting in
the upcoming field season about $3.8 million of the $10 million it
raised in its initial public offering.
Managing director Mr Doug Stewart said Territory was targeting
sufficient measured and indicated resource tonnage of high grade (plus
60pc) iron to enable a production decision.
"Frances Creek currently has a JORC-standard inferred resource
of 3.4 million tonnes at 61.5 per cent Fe," Mr Stewart said.
Territory also plans to explore for additional resource tonnes.
The company identified about 1 million tonnes of iron
mineralisation at 63.4pc Fe in the Helene 6/7 deposit last year.
This is the first stage in preparing for the revival of the
mine, which closed in 1974 after Cyclone Tracy damaged the railway and
associated infrastructure.
Shares in Territory Iron last traded at 22c and have covered a
range of 40c/18.5c since listing. Issue price was 20c.
ENDS
TFE
territory iron limited
