Padbury Mining (ASX: PDY) has requested a trading halt pending release of an announcement about a maiden JORC Resource estimate on the Peak Hill Iron Ore Joint Venture.
The halt will last until an announcement is made or commencement of trading on Wednesday 30th March 2011.
Padbury Mining (70%) and joint venture partner Aurium Resources (30%) (ASX: AGU) have been undergoing a drilling program designed to assess the potential of one third of the 1.5 to 2.0 billion tonne exploration target, grading 25% to 35% iron at the Telecom Hill Prospect.
Telecom Hill is part of the Peak Hill Iron project, located in the Pilbara region of Western Australia.
The results from Telecom Hill have demonstrated magnetite mineralisation is continuous over the entire tested length of 4 kilometres of the total 10 kilometre strike length.