Iron ore focused Fe Limited (ASX: FEL) has upgraded the Mt Elvire Exploration Target 200% to 515 to 675 million tonnes at 26% to 46% iron.
Importantly for potential early cashflows, the Exploration Target includes 15 to 25 million tonnes of potential direct shipping ore.
The completed 19 hole reverse circulation drilling program for 1391 metres has provided some significant near surface iron hits including:
- 16 metres at 61.2% iron from 20 metres;
- 20 metres at 57.5% iron from 32 metres;
- 80 metres at 35.1% iron from 8 metres; and
- 85 metres at 35.4% iron from surface.
The Mt Elvire Project is located 50 kilometres north of the Mt Jackson and Windarling iron ore mines operated by Cliffs Natural Resources, in the Yilgarn Province of Western Australia.