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Market: ASX
Sector: General Mining
EPIC: PLV
Latest Price: A$0.25  (-3.92% Descending)
52-week High: A$1.12
52-week Low: A$0.21
Market Cap: A$55.58M
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PLUTON RESOURCES LIMITED
www.plutonresources.com
Pluton Resources Limited (Pluton) is an Australia-based company engaged in the exploration of mineral assets with a portfolio of interests in tenements in Western Australia and Tasmania. Its assets are the Irvine Island iron ore project in Western Australia and the Dove River porphyry copper/gold project in Tasmania. Its other projects include Collier Bay in Western Australia and Cethana in Tasmania. Irvine hosts an extension of the low impurity, ore body mined on Koolan and Cockatoo Islands. Pluton has completed the earn-in from its joint venture partner, Portman Iron Ore Limited, for 50% equity in the Irvine Island exploration tenement. Pluton’s 100% owned Dove River exploration license is situated in the Mount Read Volcanic Belt in northern Tasmania. Pluton finalized a farm-in and joint venture agreement to earn a 60% equity share in the Cethana tenement.
Full PLUTON RESOURCES LIMITED profile here
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Pluton Resources updates assay results at Irvine Island Iron Ore Project, WA

19th Mar 2010, 9:22 am

Pluton Resources (ASX: PLV) has received assay results for the first 2 holes of Phase II drilling on Hardstaff Peninsula, Irvine Island, Western Australia (E04/1172).

A second phase of drilling on Irvine Island is targeting an extension to an Inferred Resource of 54Mt at 49% iron (Fe) identified from drilling in 2008.

Phase II drilling is targeting a total of >100Mt at Hardstaff Peninsula of mixed grade Direct Shipping Ore and feed ore for beneficiation, and up to a further 30Mt of predominantly Direct Shipping Ore from the Isthmus region.

Phase II drilling is primarily targeting iron mineralisation contained within a rock unit called the Yampi Member. This is the same unit that is mined on the adjacent Cockatoo and Koolan Islands.

Results for the Yampi Member (16m @ 49.05% iron, 18m @ 50.22% iron) are consistent with targeted extensions of the current Inferred Resource of 54Mt @ 49% iron (Fe), including 25Mt @ 54% iron (Fe).

Test work by the CSIRO has shown that lower grade feed ores from the Yampi Member ranging in grade between 28.6% iron and 46.8% iron (Fe) are well suited to concentration (beneficiation) using conventional methods.

These ores have been shown to produce concentrates of >66% iron (Fe) at high mass and iron recoveries.

Test work has shown that additional concentrate can be produced from rocks overlying the Yampi Member.

These rocks are referred to as the Wonganin Sandstones. The Wonganin Sandstones were originally considered as waste, but feed materials grading between 25.4% iron and 32.2% iron have yielded iron concentrates of >66% iron (Fe). They are now considered as an additional resource target to the Yampi Member.

Results from the Wonganin Sandstones are slightly better than expected, with selected intersections of significantly higher grade than those tested by the CSIRO.

Higher feed grades can ultimately result in higher mass recoveries and lowered costs during iron concentration.

Levels of impurities other than silica remain universally low. Drilling on Irvine Island is continuing. Samples have been submitted from Holes ID12A and ID12B.

The company said these holes extend to the western edges of Hardstaff Peninsula and outside the current Inferred Resource area of 54Mt at 49% Fe. Visual interpretations of these holes are positive and results are pending.

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