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Eastern Iron adds copper-zinc-lead to exploration targets

Published: 16:00 02 Sep 2014 AEST

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Eastern Iron (ASX:EFE) should trade higher after the identification of strong conductors within Silurian volcanics, believed to be the same rocks that host important VMS deposits nearby in Victoria, at its Nowa Nowa iron project.

Drilling carried out by previous explorers within the Nowa Nowa area intersected significant copper, lead, zinc and gold mineralisation in altered volcanics and sediments, with a best intersection of 13.6 metres at 3.8% copper at the Three Mile prospect.

Preliminary results of EFE's recently completed VTEM survey have defined at least four conductors, one of which is located at the Three Mile prospect.

Recent drilling at the Five Mile iron deposit has identified a geological sequence of volcanics, shales and carbonates considered to be equivalent to the Upper Silurian Enano Group.

These rocks or their equivalents host all the known VMS copper-lead-zinc deposits in the southern Lachlan Fold Belt
including Woodlawn and Captains Flat, as well as the Benambra deposits located 100 kilometres to the north of Nowa Nowa.

Previously this geological relationship at Nowa Nowa was not fully recognised; consequently there has been almost no follow-up of some interesting drill intersections generated from the 1980’s and early 1990’s.

EFE is also investigating the potential for development of a high grade magnetite resource at Nowa Nowa, as well as a magnetite processing operation based on magnetite deposits it holds in Queensland.

The company appears lightly valued at $6 million.

 

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