Emerging iron ore developer, Nevada Iron just moved closer to arriving as a developer, intersecting some exceptional magnetite mineralization at Section 5 deposit in Nevada in the US during drilling.

Drill hole 2BB on Line 2 in Section 5 intersected a combined bulk mineralization of 176.4 meters at 28.1% total iron. This followed solid drill results during the quarter that included 10.7 meters grading 53% total Fe.

Section 5 and several other deposits are prospects proximal to the proposed processing plant site at Buena Vista. These could potentially provide multiple sources of mineralization for both increased production and greater operational flexibility during the initial years of mining operations.

The combined bulk mineralization of 176.4 meters at 28.1% total iron is composed of three significant mineralized intercepts:

54.9 metes at 31.8% total Fe from 30.5 meters
33.3 meters at 31.0% total Fe from 102.1 meters
88.3 meters at 24.3% total Fe from 141.3 meters

The Section 5 deposit has an Exploration Target of 12 to 18 million tonnes grading 18% to 26% total Fe. Providing the upside, the Project's currently identified JORC Exploration Targets provide for an additional 195 million tonnes to 268 million tonnes of exploration potential.

Drilling at the Section 5 deposit has encountered thick magnetite mineralization in an oval shaped area of some 600 meters E W by 50 to 400 meters N S and to depths of 200 meters, where several holes were terminated in strong mineralization.

The mineralization, in general, is close to the surface and lies beneath less than 20 meters of cover sediments.

Source - Nevada Iron

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