logo-loader
viewHavilah Resources Ltd

Havilah Resources confirms new discovery in the Grants Iron Ore Basin

Thick, continuous iron formation discovered over an area of at least 3.5 square kilometres.

drilling
Drilling to date has covered only about 25% of the interpreted Grants Iron Ore Basin

Havilah Resources Ltd (ASX:HAV) has discovered a major new iron ore deposit in the Grants Iron Ore Basin in South Australia.

The company’s recently completed 13-hole, 3,510-metre reverse circulation (RC) drilling program successfully intersected consistently thick iron formation in multiple drill holes over an area of at least 3.5 square kilometres in the western part of the basin.

To date, only handheld XRF results are available, and they indicate consistent average grades ranging from 21 - 24% iron.

Significant drilling results

The handheld XRF readings were collected by taking measurements through the heavy-duty plastic bags that hold the bulk samples for each metre.

These results are likely to be upgraded by conventional laboratory assays, which will be reported in due course.

READ: Havilah Resources seeks to grow iron ore resources at Grants through drilling program

This drilling is part of a comprehensive program of work currently being performed and funded by SIMEC Mining (an affiliate of the GFG Alliance) as part of their due diligence investigation of the commercialisation potential of Havilah’s Maldorky and Grants iron ore projects.

SIMEC Mining has exclusivity over the Maldorky and Grants projects through the end of 2018 and discussions regarding an extension have commenced.

The drilling program was planned and supervised by Havilah personnel.

 

Havilah’s technical director Dr Chris Giles said: “The drilling program has confirmed the original exploration concept for the existence of a thick, relatively shallow, iron formation in the Grants Iron Ore Basin.

“We are grateful to SIMEC Mining for having the vision to fund the exploration drilling that has resulted in this major new iron ore discovery for South Australia.

“The beauty is that the deposit starts near surface, lies only 11 kilometres from the Transcontinental Railway line and is just over a one-hour drive from Broken Hill, which makes it uniquely favourable for development.

“At this stage we can only guess at the potential size of the deposit, but based on the thickness of the iron formation and its areal extent, it is apparent that there exists significant resource potential.

READ: Havilah Resources grabs $6 million Investec Group facility to support North Portia divestment

“Ironically, the iron-rich lateritised cap on the deposit was mined from the Grants quarries by BHP in the 1890’s, as flux for the Broken Hill smelters but the primary iron deposit has lain essentially unrecognised until now.

“Havilah’s recognition of the exploration potential and patience in accumulating all of the ground covering the Grants Iron Ore Basin over a period of several years, has finally been rewarded with these substantial interim drilling results.” 

Quick facts: Havilah Resources Ltd

Price: 0.098 AUD

ASX:HAV
Market: ASX
Market Cap: $24.46 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Havilah Resources Ltd named herein, including the promotion by the Company of Havilah Resources Ltd in any Content on the Site, the Company...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Havilah Resources fast-tracks North Portia sale agreement with common sense...

Havilah Resources Ltd (ASX:HAV) technical director Chris Giles updates Proactive Investors on the exploration company's revised North Portia sale agreement.   "For us a big improvement is more cash up-front, so we've already been paid $2 million and a further $4 million is due in...

on 11/4/19

3 min read