Emergent Resources Limited announced that an exploration target in the range 3.7 to 4.2 billion tonnes has been interpreted by EMG from aeromagnetic data and geological mapping, with the interpreted volumes modeled and confirmed by its independent geologists, AMC Consultants, at the Company's Beyondie Magnetite Project in Western Australia's mid-west Iron Ore region.
The exploration target further confirms the large scale, world class potential of the Beyondie Project and positions the project as one of the most significant new magnetite iron projects in Australia.
The 3.7 to 4.2 billion tonne exploration target was confirmed as a result of an ongoing field mapping program and geophysical program conducted by EMG and assessed by independent geological group AMC Consultants in Adelaide. The volume of the Exploration Target magnetite mineralization is located outside E52/1806 and is based on assumed depths approximating the depths identified in the drilled areas. The AMC supporting methodology confirms volumes for the Beyondie Magnetite Schist zones. The tenor of the magnetic response suggests that a similar grade may be present throughout the entire tenements.
Emergent recently announced the completion of its Phase III drilling program at Beyondie and now plans to announce a significant JORC resource upgrade in the near future for E52/1806 alone.
The exploration target was calculated over the length of the Beyondie Project tenements outside of E52/1806. To date drilling has focused on a 12 km portion in the western section of the project within E52/1806 where an initial JORC Inferred Resource of 127Mt @ 28.15% Fe was announced in July.
The Phase III drill program comprised 40 Reverse Circulation drill holes for 6,940 meters (bringing the total RC holes to 12,232 meters) and 14 Diamond drill holes for 4,026 meters. In addition to 14 RC Precollars for 1,212 meters drilled for planned diamond tail extensions. The completion of this latest drill program brings the total drilling for the 2009 calendar year to 12,178 meters across 115 holes.
The confirmation of the remarkable thickness and grade continuity of the Beyondie Magnetite Schist has been provided, with drilling results up to 135 meters grading 27.63%Fe, which support the potential for an envisaged bulk mining operation.
Mr Garry Hemming MD of Emergent said that "The confirmation of the 3.7 to 4.2 billion tonne exploration target is a major development for the Company and our plans for the Beyondie Magnetite Project to become a large scale, world class magnetite iron mining project."
The Beyondie Project is located adjacent to the Great Northern Highway and Goldfields Gas Pipeline in the northern part of WA's mid-west iron ore precinct. Potential shared rail and port infrastructure developments for the project are in progress.
(Sourced from www.abnnewswire.net)
