Posted in | Iron Ore | Discoveries

Large Magnetite Discovery at Mt Dempster for Iron Ore Holdings

The shares in Iron Ore Holdings Ltd rose this week after the company announced that it had made a significant magnetite discovery in the Pilbara region in Australia.

The large discovery is said to be about 10 km away from the Mesa J iron ore mine owned by Rio Tinto.

The company had been conducting exploratory drilling at the Mt Dempster prospect when it found the potential 2 to 3 billion metric ton magnetite resource. It is now planning a second phase of drilling to clearly delineate the deposit and explore viable options of mining it.

The company has essentially limited the exploration to an area of 6 by 2 km for the initial drilling. Five of the drill holes here have nearly 150 meters of intersections of nearly horizontal magnetic BIF zone. The iron grade of the ore is also good at 32%.

Another factor that works in the favour of developing the iron ore project is the fact that it is located within 10 km of the planned railway to Anketell Port. Although the drastic fluctuations in the price of iron ore this year may give the management some pause for thought as they consider beginning the project.

Joel Scanlon

Written by

Joel Scanlon

Joel, originally from the UK, emigrated to Australia in 1995 and spent 5 years working in the mining industry as an exploration Geo-technician where he developed skills in GIS Mapping and CAD. Joel also spent a year working underground in a gold/copper mine. Upon moving to the North Coast of NSW, Australia Joel worked as a graphic designer for a leading consultancy firm before starting a successful business providing graphic and web design services to local businesses on the eastern seaboard of Australia. Joel is skilled in project management, web programming, design, animation, database and networking, software and editing. Joel has been with AZoNetwork since its inception in 2000.

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