CuFe Ltd (ASX:CUF) has received promising assay results confirming high-grade hematite (iron oxide) mineralisation is present at the 50%-owned Yarram Iron Ore Project in the Batchelor region of the Northern Territory.
Results of note so far include:
- 36 metres at 58.2% iron from 15 metres, including 11 metres at 62.2% from 23 metres, 7 metres at 61.8% from 37 metres and 6 metres at 63.8% from 45 metres;
- 9 metres at 59.8% from 22 metres;
- 3 metres at 58.7% from 41 metres; and,
- 5 metres at 59.3% from 66 metres.
Plan of drill holes completed in relation to the known mineralisation, overlayed with gravity geophysics.
The known mineralisation at the project extends toward the southwest from outcropping hematite mineralisation and iron-rich lateritic outcrop near the drill hole locations.
Positive results provide additional targets
“It’s pleasing to validate the presence of high-grade mineralisation at Yarram via our own drilling,” CuFe executive director Mark Hancock said.
“While this campaign was small given known time constraints it has provided us with valuable insight to support our next drilling campaign.
“This knowledge has been further supplemented by the gravity work conducted, which has provided additional drill targets to those previously identified.
“We are excited to see what we turn up in our next drilling campaign, which we would expect to kick off in the current quarter.”
CuFe also completed a ground-based gravity geophysical survey over the project tenure, the data from which will support the refinement of drill targets and identification of additional prospective areas for drill testing.
The company plans to resume drilling in the current dry season, once a suitable drill rig and relevant approvals have been received.