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Investigator Resources (ASX: IVR) is exploring for iron oxide, copper, gold and uranium deposits in the southern Gawler Craton of South Australia. The majority of the company's 7,000 square kilometres of tenure is in South Australia, with tenements also in Queensland and the Northern Territory.
One of the company's key projects is the Paris silver discovery and other silver targets within the large newly recognised Peterlumbo epithermal field on north Eyre Peninsula.
Southern Uranium shares rise on plans to start drilling Jungle Dam iron ore targets early
Southern Uranium (ASX: SNU) has upgraded the iron ore targets at Jungle Dam on Eyre Peninsula in South Australia with new gravity surveying and geophysical modelling. Scheduled drill testing has been brought forward and will now start next week.
Managing Director John Anderson said Southern Uranium had initially planned to undertake RCP and aircore drilling to test a number of iron ore target scenarios during April-May this year.
“We now believe the modelled targets are situated within the same geological sequence that hosts the Middleback iron ore deposits near Whyalla,” Anderson said.
“The quality of the upgraded iron ore targets at Jungle Dam encouraged Southern Uranium to bring the drilling forward. We are planning to drill at least six holes to an average depth of 150 metres.”
Anderson said a contractor had been secured to commence the RCP drill testing next week.
“The drilling aims to establish the thicknesses of iron zones on selected sections, provide initial confirmation of strike potential and obtain samples for metallurgical investigations,” he said.
As previously announced by Southern Uranium, the company recognised iron ore potential over a 14km prospective strike length at Jungle Dam.
The prospect lies within covered extensions to the magnetic trend hosting the Hercules iron ore deposit to the north. Limited prior drilling of base metals and uranium targets intersected wide intervals of +30% iron grades.
The prospect is secured by the Company’s 100 percent-owned Exploration Licence 3479. Since that announcement, Southern Uranium has verified the high iron intersections of the company’s prior drilling by re-analysing the drill sample pulps with industry standard XRF techniques for iron ore assays.
It has also carried out a more detailed gravity survey of the northern part of the prospect to match the level of gravity surveying of the southern part.
The improved gravity data was integrated with the magnetic data to enable revised modelling of the iron ore targets by geophysics consultants AsIs International.
This confirmed and refined the target positions to enable more confident positioning of the proposed drill holes.
Magnetite iron ore targets are defined by semi-coincident magnetic and gravity anomalies in three 2 to 3km long zones - at the original Jungle Dam base metals prospect, in a northern zone and a southern zone.
The best prospect for high-grade haematite development is in the 4km long central zone, where non-magnetic high density bodies are modelled as secondary haematite targets overlying deeper primary magnetite deposits.
A broad high gravity - low magnetic signature to the east of the central zone is likely to be response due to a moderately dense dolomite carbonate unit as intersected in prior drill hole JDRC008.
Although the dolomite carbonate unit is not prospective for iron ore, it confirms the Jungle Dam targets are in the same geological sequence that hosts the Middleback iron ore deposits near Whyalla.
Southern Uranium shares rose 8% to 13 cents in trading today.
