PepinNini Minerals (ASX:PNN) has identified coarse magnetite mineralisation from assays at its Curnamona project in South Australia.
The results follow reverse circulation drilling that included 17 boreholes for a total of 2,438 metres.
While no high grade direct shipping ore iron was identified, significant quantities of lower grade iron was found at the Billeroo prospect as coarse magnetite, indicating potential for a coarse magnetite project.
The intervals will be investigated further and a small number of samples will be dispatched for Davis Tube Recovery testing.
Sinosteel PepinNini Curnamona Management (SPCM) manages exploration for the project on behalf of joint venture partners Sinosteel (60%) and PepinNini Minerals (40%).
SPCM has indicated that further assays are expected in a few weeks.
PepinNini had a cash balance of $1.59 million at the end of the December 2012 quarter.
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