Legacy Iron Ore (ASX: LCY) is anticipating a maiden JORC Resource at the Mt Bevan Iron Ore project early next month, after the latest results.
Legacy Iron said assays typically ranged from 32.3% to 38.4% iron.
Boosting the results is the fact that preliminary Davis Tube Recovery tests identified recoveries averaging 45.6% iron, and a concentrate grade of 71.4% iron, with low silica and negligible phosphorus and sulphur.
All assays from the 5,000 metre reverse circulation drill program have now been received, with highlights including; 81 metres at 38.4% iron from 72 metres, 130 metres at 35.9% iron from 120 metres, and 122 metres at 35.4% iron from 16 metres.
The company has aimed for an overall exploration target for magnetite of 1.5 billion tonnes grading between 30% - 40%.
Legacy has already planned for the next phase of drilling to commence in August in order to extend the resource north and south of the area drilled and to test the area bordering Jupiter Mines’ (ASX: JMS) Mt Mason for DSO hematite.
Jupiter holds two adjacent resources to Mt Bevan, the Mt Mason hematite resource of 5.75 million tonnes at 59.9% iron and the Mt Ida magnetite resource of 530 million tonnes at 31.9% iron.
Mt Bevan is a joint venture between Legacy and Hawthorn Resources (ASX: HAW) whereby Legacy will earn a 60% interest in the project by spending a minimum of $3.5 million to develop the project to a Pre-Feasibility status.
Mt Bevan is located about 100 kilometres west of Leonora in the central Yilgarn region.