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Coziron Resources to acquire iron ore tenements in the West Pilbara from Creasy Group

Last updated: 12:40 08 Oct 2013 AEDT, First published: 11:40 08 Oct 2013 AEDT

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Coziron Resources (ASX:CZR) has agreed to acquire 70% of the 192 square kilometre Shepherds Well project near Karratha in Western Australia from Creasy Group entity Croydon Gold, who will retain the remaining 30%.

The tenement is serviced by bitumen road access from the Great Northern Highway, is contiguous with the CZR Yarraloola Iron-ore project and is located 25 to 50 kilometres from the new public access port development at Cape Preston East.

The land package provides CZR with exposure to another unit which is known to host large scale iron ore deposits in the West Pilbara, with 9 kilometres of priority targets already identified.

Additionally, an agreement reached with Iron Ore Holdings (ASX:IOH) to enable proposed infrastructure to intersect the land package.

Consideration for the acquisition is 10,000,000 Coziron shares and $121,483 cash; conditions to be satisfied include shareholder and regulatory approval and CZR due diligence.

A joint venture shall be established between the parties whereby CZR shall bear 100% of all exploration costs until completion of a bankable feasibility study.

The Shepherds Well Iron-Ore project compliments the Yarraloola Iron-Ore project with the potential to host iron-ore mineralization in the Cleaverville Terrain which hosts iron-formations up to 500 metres thick.

 

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