Havilah Resources NL - Recent Drilling Indicates New Iron Ore Discovery at The Maldorky Iron Ore Project
12.08.2010 | ABN Newswire
10:40 AEST Aug 12, 2010 ABN Newswire (C) 2004-2010 Asia Business News PL. All Rights Reserved.Perth, Australia (ABN Newswire) - Havilah Resources NL (ASX: HAV) recent drilling of a high intensity aeromagnetic anomaly at its 100% owned Maldorky iron ore project indicates a significant new iron ore discovery. A line of drillholes have defined over 50m thickness of shallow south dipping iron rich siltstones, with generally better than average iron grades for the Braemar Iron Formation. The drill cuttings are exceptionally magnetite rich, and Davis Tube test work is underway to determine the quality of the upgraded magnetite concentrate from drill samlples.
Although the deposit does not outcrop, it has minimal overburden and limited surface oxidation.
These attributes, combined with the shallow dip are very favourable for a low cost open pit mining operation.
The Maldorky iron ore project lies 30km south of the Transcontinental Railway, some 300km east of Port Pirie. This is Havilah's second iron ore discovery in the region this year. At its 100% owned Lilydale iron ore project, 70 km to the southwest, Havilah has previously announced a potentially substantial deposit of similar grade iron ore that can be beneficiated into a high iron, low impurity magnetite product.
Both the Lilydale and Maldorky iron ore discoveries form part of an emerging potentially important new iron ore province that has appreciable resource development potential for premium magnetite ore, located in proximity to rail and port facilities.
Havilah's immediate intention is to secure financing from a foreign joint venture partner involved in the steel industry in order to complete feasibility studies and to develop the project.
For the complete Havilah Resources announcement, please refer to the following link below:
http://www.abnnewswire.net/media/en/docs/63506-ASX-HAV-179108.pdf
About Havilah Resources Nl:
Havilah Resources NL (ASX:HAV) was formed in late 1996 to explore for gold and other metals in South Australia. In mid 1997 Lion Selection Group Ltd became a cornerstone investor in Havilah and subsequently invested A$1.9m.
Havilah listed on the ASX on 21st March 2002, following a successful A$6 million capital raising. Since then the Company has patiently acquired a strategic, 100% owned ground holding in the Curnamona Province, now covering more than 6000 square kilometres of highly prospective Broken Hill age rocks.
As part of its copper strategy, Havilah aims to achieve annual copper and gold production of 55,000 tonnes and 100,000 ounces respectively, from mining operations to be developed on its three advanced projects, namely Kalkaroo, Mutooroo and Benagerie over the next three years. This will be accompanied by appreciable by-product cobalt, molybdenum and sulphuric acid production. Accordingly, Havilah is focused on completing feasibility studies on these three projects by the end of 2008.
Contact:
Dr Bob Johnson, Chairman
Tel: +61-8-8338-9292
Email: info@havilah-resources.com.au
www.havilah-resources.com.au