Strike Resources’ (ASX: SRK) associate Cuervo Resources (CNSX: FE) has intersected massive magnetite mineralisation over at least 1,400 metres of strike at the Bob 1 target zone in the Cerro Ccopane iron ore project, Peru.
Peak results from drilling include:
- 127 metres at 54.1% iron from 83.1 metres;
- 84.6 metres at 33.8% iron from 25.7 metres; and
- 65.1 metres at 40.9% iron from 18.3 metres.
Strike added the mineralisation remains open in all directions and that an initial resource estimate is expected in late February 2013.
The Bob 1 magnetic and gravity target extends over a total strike length of about 3 kilometres with extensive outcrops of massive magnetite present along the bulk of the length of the target.
All drill holes completed to date have intersected zones of magnetite-rich rocks, with several intervals of massive magnetite interspersed with relatively narrow intervals of intermediate composition intrusives.
Strike has advanced Cuervo C$5.25 million (A$5.07 million) for the current (Stage 1) program and, in return, was granted warrants that can be converted into about 33% of Cuervo’s shares, on an undiluted basis.
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