Imx Resources (ASX: IXR) has discovered some extensive wide intersections of magnetite at the Snaefell iron ore prospect from eight reverse circulation holes.
The highlights from three separate holes included:
- 180 metres at 30.1% iron;
- 156 metres at 25.78% iron; and
- 42 metres at 27.20% iron.
Importantly, IMX said all three of these holes intersected widths above 30% iron.
Another two holes to test the eastern Snaefell area intersected wide intervals of 56 to 100 metres of magnetite, averaging between 27 and 29% iron.
Results are still pending for another two holes.
Snaefell is an iron ore prospect located 12 kilometres south-west of the IMX Cairn Hill magnetite-copper-gold mine, and forms part of the 100% IMX owned Mt Woods Iron project in South Australia.
These results and other drilling from 2010 is designed to define a JORC Resource for Snaefell.