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Richmond Mining kicks off drilling at Buena Vista iron ore project

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Richmond Mining (ASX: RHM) has reported that a 10 hole diamond drilling programme has commenced at the Buena Vista iron ore project, 150km northeast of Reno, Nevada, USA.

The drilling will test the higher grade zone of the proposed West pit to a maximum depth of 170m where reported magnetite ore grades 35-40% total Fe.

Historic drilling suggests the zone might be open to the north and some of the holes will test for a northerly extension of the high grade ore zone.

The company said drilling will also provide core for Davis Tube concentrate and other metallurgical test work.

Extensive historic metallurgical test work demonstrates the ore easily beneficiates to a concentrate grading +66% total Fe.

Richmond Mining said its plan is for 1,500–2,000m of HQ sized (63.5mm) diamond drilling to be carried out at the project with all holes angled at -60° or steeper.

Max Nind, exploration manager, estimates the drill programme will be completed within three weeks and much of the metallurgical test work will be undertaken simultaneous to the drilling to facilitate a rapid advancement of the project.

The project was extensively evaluated by US Steel in the 1970s as a raw material source for their steel mills. Review and digitisation of a large amount of the US Steel data is ongoing.

Richmond previously announced to the ASX on 19 February 2010, a Measured resource of 109 million tonnes grading 23% total Fe within the proposed West pit.

The company has identified an additional exploration target of 45-55 million tonnes grading 20-22% total Fe also within the proposed West pit.

Outside the area within the proposed West pit, historical drilling has identified additional exploration targets of 200-250 million tonnes grading 20-22% total Fe within Richmond’s tenement holdings.

Buena Vista is an advanced iron ore project which Richmond plans to fast track to production.

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