Proactive Investors reported that Hemisphere Resources Limited has received excellent rock chip results from an exploration program of its Yandicoogina South iron ore prospect in Western Australia.

Mr Danny Costick MD of Hemisphere Resources said that the rock chip assay results confirm the presence of high grade Channel Iron Deposit on Yandicoogina South Iron Project.

The Company reported 4 rock samples in the Direct Shipping CID Interpreted Type with 59.08% Fe, one in the HG Blending Type with a 61.9% Fe and 7 in the High Al Blending Type with a 58.45% Fe.

The Company will commence drilling when all permits are in place to progressively test the extent of iron mineralization in order to fully determine the potential of the project.

Hemisphere’s tenement at Yandicoogina South, which has now been officially granted, was previously secured by way of a successful ballot with major Iron companies also lodging applications. The project is located approximately 6 kilometers south of Rio Tinto’s Yandicoogina iron ore mine. The property covers part of the Yandicoogina Creek system and is upstream from active mining operations.

The other world class CIDs close by including BHP’s Yandi mine to the north west, Junction South East mine some 3 kilometers to the east and the new Hope Downs mine to the south. The potential of the tenement to host CIDs is considered high and has been supported by a review of the regional magnetic, landsat Imagery and aerial photography.

(Sourced from Proactive Investors)