Red Rock Resources has received more indications of iron ore from drilling on a third prospect at Melville Bugt in north west Greenland.

Four holes were drilled at Haematite Nunatak for a total of 491m. All holes intersected haematite-dominant BIF (banded iron formation) sequences with multiple intervals of high grade haematite present. The estimated true thickness of the BIF sequence, at this prospect, was up to 46m.

Results across all BIF intersections averaged approximately 32% Fe and all of them were haematite-dominant, with only minor traces of remnant magnetite.

The best intersection had an estimated true width of 46m @ 36.0% Fe of haematite BIF. In this hole there were a number of intervals of massive haematite enrichment of the BIF, with results up to 0.6m @ 69.3% Fe.

Mr Red Rock added that "Intervals of massive and locally vuggy secondary haematite demonstrate Melville Bugt's potential for hosting high grade haematite mineralization.”

The drilling results will be analysed further with a more detailed report on the initial findings published.

Red Rock said that “Assessment will focus on the haematisation processes to better understand the potential for significant bodies of massive haematite at both Haematite Nunatak, and elsewhere in the Melville Bugt Project.”

"In particular the implications of high grade secondary haematisation here could have significant implications for the exploration of the 8km long airborne magnetic anomaly Tuukkaq, which lies directly to the north west of Haematite Nunatak, and other as yet unexplored magnetic anomalies in the area."

Red Rock currently operates under a joint venture agreement with North Atlantic Mining Associates under which it has already earned 25% in NAMA Greenland Ltd, which holds the exploration concessions at Melville Bugt.

Red Rock has the right to increase this percentage to 60% by funding 2012 exploration and defining a JORC Mineral Resource Estimate.

Source - Proactive Investors

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