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Additional Information
Market: ASX
Sector: General Mining
Epic: ASX:GIR
News: Latest news
Web Site: Giralia Resources
Other Articles: 17-12-200914-10-200926-08-2009

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Giralia Resources

Giralia Resources

Giralia Resources is an emerging mineral exploration company with an extensive suite of resource projects, including several advanced 100% owned Iron Ore prospects.
Tuesday, February 09, 2010

Giralia Resources announces scoping study outcome for Yerecoin magnetite project

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Perth-based mineral exploration company Giralia Resources (ASX: GIR) has reported the findings of an independent Scoping Study on development options for the Company’s Yerecoin magnetite project, located around 120 kilometres NNE of Perth in Western Australia.

Shares in the company last traded for $1.49 on the Australian Securities Exchange.

The Company's tenements at Yerecoin host more than 30 kilometres of strike of magnetite rich banded iron formation, with positive results returned from initial RC and diamond drilling in March 2009, including intersections of 72 metres @ 32.4% Fe including 56 metres @ 35.7% Fe, and 50 metres @ 30.3% Fe.

Based on dips and thicknesses of mineralisation from drilling data, integration of surface mapping, rock sampling and aeromagnetic data, the Company has defined an initial Exploration Target at Yerecoin of 200 to 250 million tonnes of magnetite mineralisation grading 30% to 35% Fe.

The Company elected to initially bypass a drillout to JORC compliant resource at Yerecoin, and commissioned experienced magnetite specialists ProMet Engineers to prepare a Scoping Study in order to better understand the various options for product specifications, production levels, capital and operating costs and port/rail planning solutions.

The Study’s design basis is production at 2.5 million tonnes per year of Blast Furnace grade concentrate. Because of its excellent beneficiation characteristics, the Yerecoin mineralization does not require grinding to 45 microns to achieve BF grade.

The concentrate from the mine site would be hauled over existing rail networks to the Kwinana Bulk Terminal for export, or for possible sale to a potential local user of magnetite in Kwinana who has access to the rail network.

Implementation of the schedule indicates production will be possible by 3rd quarter 2013.

Resource drilling has commenced to establish initial JORC resource within current Exploration Target of 200 to 250 million tonnes.

 

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