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Admiralty Resources: survey highlights multiple deep iron targets at projects in Chile

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Admiralty Resources (ASX: ADY) has confirmed four targets likely to contain significant iron mineralisation at the Pampa Tololo Project and three targets at the Harper South Project in Chile following a high resolution ground magnetic survey.

The Pampa Tololo Project, located in the Atacama Region, covers an area of 3,455 hectares and lies adjacent to the Los Colorados mine, one of Chile’s largest producers of iron ore.

The first and most significant target, Simpson, is an oblate spheroid shape of 800 metres in diameter, located at a depth of 200 to 250 metres, exhibiting magnetic susceptibility of about 0.5 S.I. units.

The second target, Cochrane, is a more complex shape and elongates north/south up to 1000 metres, with a depth extension of about 200 to 250 metres.

The third target, O’Brien, shows an oblate sphere shape, with dimensions of 500 by 400 metres, buried at depths between 200 and 300 metres, while the fourth and smallest target, Tolita, extends 350 by 250 metres and to depths of up to 100 metres.

Admiralty has planned a reverse circulation drilling program comprising 3,000 metres across 10 holes to begin in the middle of the March quarter next year.

Meanwhile, the Harper South Project covers 2,498 hectares and exploration work to date has identified six anomalous targets – Mariposa, La Chulula, Soberana, Negrita, La Vaca and Mal Pelo.

Mariposa is the most developed target with an Inferred and Indicated JORC Resource of 168 million tonnes.

The recent high resolution ground magnetic survey delineated high intensity magnetic anomalies of significant size.

The most significant target, La Chulula, is a north/south vertical body, with dimensions of 250 by 750 metres, located near the surface, with depths up to 700 metres and exhibiting magnetic susceptibility of over 0.9 S.I. units.

Mariposa, the second target, is a more complex oval shape with two branches, with dimensions of 250 by 300 metres, located at a depth of less than 100 metres below the surface. Although it is less deep than La Chulula, it contains similar susceptibility values.

The third target, Mariposita, is a north/west elongated body, with dimensions of 350 by 90 metres, located near the surface and at a depth under 100 metres.

Admiralty plans to conduct follow up exploration on Harper South and will prioritise exploration on the Mariposa orebody, for which a 10 hole, 2,850 metre diamond drilling campaign is scheduled in this quarter.

In the September quarter the company outlined an exploration budget of A$1 million across its Pampa Tololo, Harper South, Harper South – Mariposa and Bulman projects.

Quick facts: Admiralty Resources Ltd

Price: 0.013 AUD

ASX:ADY
Market: ASX
Market Cap: $15.07 m
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