Sign up Australia
Proactive Investors - Run By Investors For Investors

Legacy Iron Ore drilling targets maiden JORC Resource at Mt Bevan Project

Legacy Iron Ore drilling targets maiden JORC Resource at Mt Bevan Project

Legacy Iron Ore (ASX: LCY) has commenced the first stage of a two year fully funded drilling program aiming for a maiden JORC compliant Inferred Resource at its Mt Bevan Iron Ore Project.

An initial 5,000m of reverse circulation (RC) drilling has kicked off and is targeting 500Mt magnetite grading between 30% and 40%, and is scheduled for completion by mid/late March 2011.

Importantly, Mt Bevan has potential for the definition of substantial DSO hematite and magnetite iron resources that are located close to existing road, rail and port facilities.

The drilling program is located in the southern part of the Mt Bevan project area, to the immediate north of the significant hematite and magnetite resources held by Jupiter Mines (ASX: JMS).

This drilling will test to depths of approximately 200m - 250m over a 5km strike length. This zone represents only some 30% of the prospective Branded Iron Formation (BIF) stratigraphy at Mt Bevan.

This program is the first of several programs designed to systematically explore the extensive BIF units that outcrop over some 20km of strike.

Previous reconnaissance drilling in this program area encountered thick (circa 100m) shallow dipping magnetite mineralisation hosted within the BIF.

The Mt Bevan Iron Ore Project is a joint venture between Legacy and Hawthorn Resources (ASX: HAW) whereby Legacy will earn a 60% interest in the project by expending a minimum of $3.5 million to develop the project to a pre-feasibility status.

Register here to be notified of future LCY Company articles
View full LCY profile View Profile

Legacy Iron Ore Timeline

Related Articles

September 05 2017
Black Iron's potential costs have fallen significantly at the Shymanivske iron ore project in Ukraine, and the risk has fallen away too
September 05 2017
Bushveld Minerals is rapidly emerging as a significant player in vanadium
May 19 2017
Strategic Minerals has a diversity of assets, including the Cobre magnetite operation in New Mexico and the Redmoor tin and tungsten project in Cornwall

© Proactive Investors 2017

Proactive Investors Australia PTY LTD ACN:132787654 ABN:19132787654.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use