It is reported that Eastern Iron Eulogie Magnetite Iron Project in central Queensland now hosts a JORC Resource after a review by Hellman and Schofield.

The maiden Resource comprised 465 million tonnes at 14.2% iron, down to 200 metres and was delivered after a recent drilling program of 34 reverse circulation holes for over 3300 metres and earlier geological mapping which outlined the surface trace of the magnetite-bearing ferrigabbro units.

Adding some potential to future resource upgrades, the area tested by drilling is only about a third of the magnetite-bearing ferrigabbro mapped at surface. Another interesting aspect is an indicative magnetite concentrate grade of 61% iron.

The next step for Eastern Iron will be to examine the potential to advance the project to a Feasibility Study as a precursor to possible development.

(Sourced from www.proactiveinvestors.com.au)