logo-loader

Volta Mining raises $2.5M to advance Pilbara DSO iron ore exploration

Last updated: 10:20 31 Jan 2014 AEDT, First published: 09:20 31 Jan 2014 AEDT

au_pilbara_region__350_52e9f05d20ba4

Volta Mining (ASX: VTM) has raised $2.5 million to advance its exploration efforts at the Newman DSO iron ore project in Western Australia’s Pilbara region after the acceptance by 100% of Pilbara Commodities shareholders to the offer.

The successful capital raising meant all conditions relating to the acquisition of Pilbara Commodities were met, which holds the Newman Direct Shipping Ore project.

Volta now holds a 100% interest in 19 exploration licences in the Pilbara region including the highly prospective DSO Newman Iron Ore Project.

The Sirius Extension Prospect within the Newman project is adjacent to Brockman Mining's (ASX:BCM) Sirius Deposit where there is an inferred Resource of 109 million tonnes at 60.0% iron.

Of particular note, Newman also borders licences held by Fortescue Metals Group (ASX:FMG), Hancock Prospecting, BHP Billiton (ASX:BHP) (Mount Whaleback), Hope Downs and Brockman Mining (ASX:BCK).

Surface results taken from an approximate 4 kilometre outcropping within the Newman project area returned up to +68% iron, which clearly demonstrates the potential for DSO iron ore.

So Volta Mining with Pilbara iron ore tenements in hand, looks of particular interest to investors as it is rare for an explorer to win such a prize.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

Australian Strategic Materials signs US$600 million LoI

Rowena Smith, CEO and managing director of Australian Strategic Materials Ltd (ASX:ASM, OTC:ASMMF), joins Jonathan Jackson in the Proactive studio to discuss the company’ s Dubbo Project, in Central West New South Wales. This project aims to extract and process critical minerals and rare earth...

12 hours, 51 minutes ago