The anticipated results are expected in February 2011 from the completed Emergent Resources (ASX: EMG) drilling campaign at the Beyondie Iron Ore Project.
Drilling included 4684 metres of aircore chips and 1730 metres of reverse circulation, with the company strategy is to further explore and define the potential for near surface hematite.
If this target can be identified, then Emergent is well placed to deliver positive cash flow in the near term, while also progressing the development of Emergent's large scale magnetite deposit at Beyondie.
The company said a metallurgical evaluation is now underway to determine the suitability of the iron enriched material for beneficiation to a saleable product.
Regarding the tenements targeted in the latest drilling, Emergent purchased the De Grey Mining's (ASX: DEG) 20% interest in July this year for $6.05 million.
The Beyondie Project is located adjacent to the Great Northern Highway, 160 kilometres from the iron mining centre of Newman in Western Australia.