Investigator Resources (ASX: IVR) continues to deliver encouraging magnetite intersections at the Jungle Dam iron project in South Australia.
The highlight is that Investigator has now identified a consistent magnetite mineralisation assaying 25% to 31% iron along a 600 metre length of the Central Zone.
Potential still remains for a further extension, as the strike remains open to the south.
John Anderson, managing director, said “These results are significant because they confirm continuity of the magnetite iron formation along and beyond the Central Zone.
“The drilling also confirms thick magnetite iron formation underlies the two kilometre-long Northern Zone.”
The 16 hole reverse circulation program for 1100 metres was undertaken in January aimed at investigating the northern end of the Central Zone on 200 metre spaced sections.
Importantly, there is also a higher-grade oxidised blanket of secondary iron above the primary magnetite iron formation in the Central Zone, with grades reaching 54%.
This provides the potential for direct shipping ore from starter pits, providing early cashflow, before going on to access the underlying magnetite.
What adds to Jungle Dam is the favourable location on the Eyre Peninsula, close to the coast and rail, about 150 kilometres by road west of the proposed loading facility at Port Bonython and the railhead at Port Augusta.