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21/11/2011

IronClad CEO says there's tremendous potential for shareholders

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Market:ASX
Sector:Non Ferrous Metals
EPIC:IFE
Latest Price: 0.75  (2.74% Ascending)
52-week High:0.83
52-week Low:0.50
Market Cap:56.75M
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IronClad Mining Full IronClad Mining profile here

IronClad Mining (ASX: IFE) was established to accelerate the development of the exciting Wilcherry Hill iron ore deposits located 40 kilometres north of Kimba on South Australia’s Eyre Peninsula.

 

The Wilcherry deposits contain coarse crystalline magnetite and low silica contents which enable low cost and efficient production of concentrates containing over 70% Fe with very low impurity levels. Mine start-up is scheduled for early 2012.

IronClad Mining boosts resource quality, moves development of Wilcherry Hill Project closer

Wednesday, September 08, 2010 by Proactive Investors
IronClad Mining boosts resource quality, moves development of Wilcherry Hill Project closer

Ian Finch helmed IronClad Mining (ASX: IFE) has significantly increased the quality of the resource at its Wilcherry Hill Project  in South Australia with a 70% boost in JORC Indicated category to 48 million tonnes of magnetite resource.

Total resource now stands at 69.3 Mill tonnes skarn magnetite resource Wilcherry Hill, a 20:80 joint venture between Trafford Resources (ASX: TRF) and its subsidiary IronClad Mining.

Significantly, the upgrade enables IronClad to finalise its mining study and reserve statement. IronClad is aiming to commence a Stage 1 mining operation in 2011 and with the latest resource upgrade is on track.

The significant upgrade of the Wilcherry Hill resource includes 48 Mt indicated and 21 Mt inferred. This indicated resource was independently verified and JORC Code classified by independent SRK Consulting.

During 2010, IronClad completed 16000m of RC drilling and 2000m of diamond drilling, reducing drill spacing for all deposits to approximately 25m between holes.

As importantly for investors, IronClad geologists have further defined a series of skarn magnetite targets over its tenements (976 km²) at Wilcherry Hill. As a result of this work the target potential for skarn magnetite has increased from (200-300Mt) to (600 -700 Mt.).

The mineralisation has low levels of contaminants and will be mined from 3 different ore bodies which are all near surface and easily mineable, boosting project economics.

The definition and JORC code classification of the resource represents a milestone for IronClad as the company proceeds towards mining at the Wilcherry Hill Project in 2011.

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