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Legacy Iron Ore drilling targets maiden JORC Resource at Mt Bevan Project

Legacy Iron Ore drilling targets maiden JORC Resource at Mt Bevan Project

Legacy Iron Ore (ASX: LCY) has commenced the first stage of a two year fully funded drilling program aiming for a maiden JORC compliant Inferred Resource at its Mt Bevan Iron Ore Project.

An initial 5,000m of reverse circulation (RC) drilling has kicked off and is targeting 500Mt magnetite grading between 30% and 40%, and is scheduled for completion by mid/late March 2011.

Importantly, Mt Bevan has potential for the definition of substantial DSO hematite and magnetite iron resources that are located close to existing road, rail and port facilities.

The drilling program is located in the southern part of the Mt Bevan project area, to the immediate north of the significant hematite and magnetite resources held by Jupiter Mines (ASX: JMS).

This drilling will test to depths of approximately 200m - 250m over a 5km strike length. This zone represents only some 30% of the prospective Branded Iron Formation (BIF) stratigraphy at Mt Bevan.

This program is the first of several programs designed to systematically explore the extensive BIF units that outcrop over some 20km of strike.

Previous reconnaissance drilling in this program area encountered thick (circa 100m) shallow dipping magnetite mineralisation hosted within the BIF.

The Mt Bevan Iron Ore Project is a joint venture between Legacy and Hawthorn Resources (ASX: HAW) whereby Legacy will earn a 60% interest in the project by expending a minimum of $3.5 million to develop the project to a pre-feasibility status.

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