Pepininini Minerals (ASX:PNN) has discovered a new high grade iron ore prospect at its Curnamona direct shipping ore project in South Australia.
The company, which has a joint venture with Sinosteel on the project, identified the new prospect- The Plumbago- via reconnaissance surface sampling within EL4375 Bimbowrie.
The area also displays potential for DSO grade magnetite mineralisation at surface or shallow depths.
The discovery is Pepininini's fourth high grade prospect in three weeks, with three other prospects identified through reconnaissance surface sampling within EL4239 Kalabity.
The Plumbago Prospect is recognised as a continuous iron rich outcrop approximately 150 metres in length and approximately 15 metres wide, with potential extensions on both directions.
All six surface samples from the prospect returned high grades of greater than 67.5% iron with very low levels of contaminants.
Sinosteel PepinNini Curnamona Management (SPCM) manages exploration for the project on behalf of the Joint Venture partners Sinosteel Corporation, which has 60% and PepinNini Minerals with 40%.
SPCM are currently finalising a drilling program designed to investigate accessible deposits where high grade iron mineralisation is either outcropping or concealed beneath shallow surface cover.
The drilling program is expected to commence early in 2013.
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