Eastern Iron (ASX: EFE) has completed a limited sampling program of magnetite-rich rocks at the Hawkwood project.
Sampling has been hampered by a lack of outcrop and along the entire 7km strike length of the prominent main magnetic anomaly only one area of (sub) outcrop was found during the recent visit.
Initial surface sampling of magnetite-rich layers in Hawkwood Gabbroic Complex yielded high-grade iron and vanadium results.
At this locality (H6) lumps of massive magnetite rocks are scattered over a wide area and sample H6 represents a composite of a number of lumps taken from this locality.
A single composite sample from poorly outcropping, massive magnetite layer assays 59.5% Fe, 0.48% V, 2.13% Al2O3, 1.64% SiO2, 9.11% TiO2 with direct shipping (DSO) potential.
Assay results are equivalent to a magnetic fraction of around 95% and confirm the high magnetite content observed in the hand specimens of sample H6.
Samples H2 and H4 are from outcropping magnetite gabbro in an area south of the Main magnetic anomaly and previously drilled during the 1970’s to investigate the potential for coal washery grade magnetite.
These samples assayed 28-31% Fe and 2.99 – 3.61% TiO2 and are consistent with a magnetic fraction of 40-45% as indicated in earlier sampling of the old drill core by Eastern Iron.
Eastern Iron has recently completed a high resolution airborne magnetic survey over the Hawkwood area.
Processed interpreted images are yet to be received. However, the preliminary data has confirmed the very strong magnetic layering within the complex.
Eastern Iron said the strongest of these linear magnetic anomalies is over 7km long and coincident with the location of sample H6 which suggests that massive magnetite layers may be responsible for the anomaly.
The company said an RC drilling program scheduled for the September quarter of this year will target this magnetic anomaly.
Hawkwood is a joint venture between Eastern Iron, Rugby Mining Pty Ltd (Rugby) and Rugby Mining Limited (TSX: RUG) whereby Eastern Iron can earn a 50% interest in the exploration area.