December 02, 2008

Carnavale confirms high grade iron at Parmegiana in Brazil

Australian based resources company Carnavale Resources Limited has recently announced an update on exploration at the Parmegiana Iron Ore Project in Brazil. It said that assay results from 26 rock chip samples taken across the 32 kilometers of strike length have confirmed high grade Fe ore units in the Northern sector of it’s tenement package.

Carnavale Resources added that assay results are pending from a further 51 samples collected along north south lines at 1 kilometers spacing along the Central northern iron ore ridge, a diamond drilling program is planned to commence in the December 2007 quarter to test the initial 32 kilometers of strike extent of the Parmegiana Project. Rock chip sampling and mapping continues on the remaining 18 kilometers of strike length in the Southern sector of the Tenement package.

Highlights of the project include
1. Rock chip sampling confirms high grade surface iron enrichment.
2. 14 of 26 samples taken at 500 Meter intervals return grades in excess of 60% Fe
3. Strike extent has been inferred from regional reconnaissance to extend for greater than 30 kilometer.