PepinNini Minerals (ASX: PNN) has received further assays from drilling at the Billeroo Prospect of its Curnamona project in South Australia that highlight its potential to host coarse magnetite.
Notable intervals from the second batch of drill chip samples include 21 metres at 30.79% iron, 20 metres at 35.7% iron and 18 metres at 36.71% iron.
Five composite RC percussion chip samples from four of the boreholes were also submitted to ALS Global for Davis Tube Recovery test work to determine the iron concentrate recovery properties of a small number of representative magnetite intervals intersected by the drilling.
Three of the samples returned excellent mass recovery and magnetite recovery with high grade iron concentrates of between 69.31% to 70.57% iron with very low levels of contaminants.
The two remaining samples returned moderate mass recovery with high grade concentrates of between 69.57% and 70.12% Fe with generally very low contaminants.
Operator Sinosteel Corporation (70%) drilled 17 reverse circulation boreholes during February 2013 to test the iron ore potential of the Billeroo Prospect.
The remaining assay results are expected within a few weeks.
Billeroo is recognised as four discontinuous iron rich outcrops up to 300 metres in length and up to 40 metres wide that have been identified across an east – west trend of approximately 3 kilometres.
PepinNini had $1.59 million in cash as of 31 December 2012.
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