Carpentaria Exploration (ASX: CAP) is an exploration company focused on discovering base, precious metals and bulk commodities in eastern Australia. The company currently has interests in iron ore, tin, gold, copper and coal exploration projects. Discoveries to date include: Hawsons Iron Project - NSW and the Euriowie Tin Project - NSW.
Carpentaria commenced exploration at its Euriowie Project north of Broken Hill, which led to the discovery of significant surface tin mineralization. By maintaining a strong exploration focus on quality projects, it has attracted solid joint venture support and have enhanced its iron, gold and coal portfolios. This support by joint venture partners has provided Carpentaria with a strong balance sheet, whilst also ensuring that significant exploration programs are being undertaken.
Carpentaria Exploration drill holes all intersect magnetite siltstone at Hawsons
Carpentaria Exploration (ASX:CAP) has announced that Phase 1 exploration drilling at the Hawsons Iron Project in New South Wales is nearing completion, with all 43 drill holes (for 8,100 metres) encountering magnetite siltstone.
Importantly, 26 holes were drilled into 5 prospects identified from airborne magnetics previously undrilled.
The Phase 1 drilling aimed to test the grade, thickness, and depth of weathering and metallurgical properties of ironstone from all of the project’s major magnetic anomalies.
Carpentaria has identified a large magnetite exploration target comprising 3.5 to 5.8 billion tonnes at 18% magnetite DTR (Davis Tube Recovery) with a concentrate grade of 69-71% Fe, to a depth of 250 metres over a prospective strike length of 34 to 51 kilometres.
Carpentaria places great emphasis on the DTR results as this assists in determining the value of any magnetite project.
Nick Sheard, executive chairman at Carpentaria said, “While unseasonal rains and delays in assays and analyses have extended the program by approximately three to four weeks, the company was pleased by the drilling results obtained to date."
“A combination of reverse circulation and diamond drilling on the targeted magnetic anomalies has encountered
magnetite siltstone in every hole."
“Carpentaria is now awaiting the return of the important DTR results, which are expected within the next two months, with a view to rapidly progressing this project."
Located 60 kilometres south of Broken Hill, the Hawsons Iron Project covers the entire known New South Wales portion of the Braemar Iron Formation, which is highly prospective for bulk magnetite iron deposits.
Carpentaria is also well advanced on a Scoping Study, using independent consultants that will help define a cut-off DTR grade, a preliminary mine plan, a processing flow sheet, transport options and a high level financial model, while an environmental study has also been commenced.
Upon receipt of all the data and Scoping Study, Carpentaria expects to commence the resource drilling program and Pre-Feasibility Study with the aim of defining up to 1 billion tonnes of Inferred Resource, which the company anticipates to commence in late September.
Meanwhile, Carpentaria continues to progress its aggressive 2010/11 $10 million exploration drilling program across its projects in eastern Australia.
