Perth-based diversified explorer Mindax (ASX: MDX) has received high-grade results from drilling at the Mt Forrest Iron Project in the Richardson Ranges of Western Australia.
The company has drilled eight holes for 552m, with at least six more to be drilled immediately after the Christmas shutdown ends in early January, 2010.
Mt Forrest is located 150 km northeast of Menzies and the railway line which connects with the Port of Esperance.
Managing director Gregory Bromley said the project comprised a block of seven mining leases covering 50 sq km and over 17 km of strike. The leases are held by Mindax's 100 percent-owned YilgIron.
"These very early results in our reconnaissance of the Mt Forrest ironstone system bear out the modelling generated from systematic detailed surface mapping and rock chip sampling," Mr Bromley said.
Prospective ironstones shown by surface mapping are confirmed by intersections at depths up to 50 metres below the surface, with confirmation of high-grade high-grade haematites including 5m @ 63.4% Fe from 31m in MFC0003, 4m @ 62.9% Fe from 13m in MFC0007 and 3m @ 61.7% Fe from 7m in MFC0001 within wider iron rich zones of various widths ranging up to 19 metres thickness.
All necessary approvals are in place for 14 holes to be drilled in the Toucan prospect at the northern part of the project area.
Drilling is expected to resume on 6 January and full results should be available in late January.
The project covers seven mining leases over 50 sq km and includes extensive iron formation as multiple bands within a folded package varying from 500 to 2000 metres width, over 17 km of strike. A small high-grade hematite deposit is recorded at Mt Richardson, immediately to the south of the Project area.
The Mt Forrest Project also includes the Paradise Bore indicated/inferred oxide resource of 36,000 oz gold. This is hosted by the Cabaret Trend, a mineralised structure along the West Limb that has returned drill intersections of >3 g/t over 10 km.