Winmar Resources (ASX: WFE) has intersected mineralisation up to 800 metres from the existing resource at the Channel Iron Deposit, within the Hamersley Iron Ore Project.
Hamersley is located in Western Australia’s Pilbara region, 50 kilometres northeast of Tom Price and immediately south of Fortescue Metals Group’s (ASX: FMG) 3.1 billion tonne at 56.5% Solomon iron project.
Other projects in close proximity to Hamersley include Rio Tinto’s (ASX: RIO) Marandoo and Brockman mines.
Step out drilling at Hamersley is underway with the aim of increasing the existing JORC Resource, which comprises 241.6 million tonnes at 54.3% iron, including the main Channel Iron Deposit zone of 169.1 million tonnes at 55.6% iron.
To date, 10 holes of a planned 40 reverse circulation holes have been drilled, with nine of these intersecting channel iron deposits.
In addition, Winmar will undertake 600 metres of diamond drilling to provide core for metallurgical test work.
Winmar is undertaking a $2.2 million exploration and development program at Hamersley in 2012, with the aim of advancing the project towards Prefeasibility stage.
This program is part of a joint venture agreement with Cazaly Resources (ASX: CAZ), under which Winmar can earn up to a 51% interest in the project.
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Winmar Resources extends iron ore deposit by up to 800 metres at Hamersley
Published: 12:00 14 Jun 2012 AEST