Eastern Iron's (ASX: EFE) Eulogie Magnetite Iron Project in central Queensland now hosts a JORC Resource, after a review by Hellman and Schofield.
The maiden Resource comprised 465 million tonnes at 14.2% iron, down to 200 metres, and was delivered after a recent drilling program of 34 reverse circulation holes for over 3300 metres, and earlier geological mapping which outlined the surface trace of the magnetite-bearing ferrigabbro units.
Adding some potential to future resource upgrades, the area tested by drilling is only about a third of the magnetite-bearing ferrigabbro mapped at surface.
Another interesting aspect is an indicative magnetite concentrate grade of 61% iron.
The next step for Eastern Iron will be to examine the potential to advance the project to a Feasibility Study as a precursor to possible development.