Central Iron Ore Ltd. (TSX VENTURE:CIO) has announced that three of its applications for exploration licences that are prospective for the occurrence of Iron Ore in Western Australia have now been successfully granted. It is expected that the remaining tenements will be granted over the coming months.
The company now has a total of 9 tenements covering 633km2 that are located within the Yilgarn Iron Ore Province ("YIOP"). The YIOP is considered highly prospective, given its history of large-scale iron ore production, with the Cliffs Natural Resources-owned Koolyanobbing operation (also formerly operated by Portman Limited) currently producing at a rate of about 8Mtpa of Direct Shipping Ore ("DSO"). The YIOP is increasingly being recognised as an attractive location for the development of Iron Ore, given its proximity to rail and access to ports.
Yilgarn Iron Ore Project Area
The company believes its greater YIOP tenement package provides a significant platform for the exploration for Iron Ore and will provide a significant, new future phase of growth for the company.
The initial strategy and objective of the company is to evaluate the occurrence of both magnetite ore and direct shipping ore within the above tenements to gain an initial understanding of their respective resource potential.
Work is currently underway in this regard and it is expected that future announcements regarding both the project status and their resource potential will follow as appropriate preliminary assessment work is now in progress.
Mr. Andrew Spinks B.App.Sc, Grad.Dip (Mining), a member of AusIMM, and a consultant geologist, is a Qualified Person as defined in National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101").
Source: Central Iron Ore Limited