yrr prospective iron titan vandium tenement

PROACTIVE INVESTORS

Yellow Rock Resources secures prospective iron titanium vanadium tenement in Western Australia

Tuesday, May 29, 2012 by John Phillips
Yellow Rock Resources (ASX: YRR) has strategically increased tenement holdings immediately west of Gabanintha exploration license in Western Australia by securing tenement E51/1529.

Consideration for the deal includes 30 million shares and 30 million $0.025 options, plus $165,000, and was previously held by Kalimantan Nominees Pty Ltd.

The decision to acquire the additional tenement was made as a result of the HELITEM survey on the Gabanintha and Nowthanna Hill Tenements, which was conducted by Fugro Airborne Services Pty Ltd geophysicists to model the electro-magnetic responses.

An important outcome is that the model data shows a strong continuation of the iron-titanium-vanadium deposit down dip to the west as well as parallel multiple iron-bearing formations in the hangingwall that extend into the new tenement E51/1529.

This tenement covers part of the hangingwall sequence of the Gabanintha deposit, with Geological Survey of WA regional Total Magnetic Intensity maps identifying that the tenement contains another strong magnetic anomaly indicative of iron-bearing formations further to the west.

Yellow Rock said that it is expected that this highly magnetic unit is a Banded Iron Formation or similar iron-rich unit. The geology map at 1:100,000 scale shows few outcrops and extensive alluviual or coluvial cover.