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Iron Glen Holdings Intersects Magnetite Resources at Iron Ore Tenement in Queensland

Queensland based explorer Iron Glen Holdings Limited has announced that the initial drilling program of its Iron Ore tenement, located in Townsville, Queensland, has successfully delineated a Magnetite resource.

HIGHLIGHTS OF THE DRILLING PROGRAM

  • Eleven holes have been drilled, with magnetite intersections in the first nine and the eleventh holes, ranging from a thickness of 14 meters to 33 meters.
  • The drill holes extend from approximately 30 meters south of the old pit area, along its eastern boundary to a position 495 meters to the northwest.

In addition to magnetite intersections, the Drilling Program has also intersected gold and copper bearing mineralization. The potential of these intersections cannot be assessed until assay results have been received. The Directors of Iron Glen anticipate that Terra Search Pty Ltd will issue a full report during November 2010 and following this, Iron Glen will report on their conclusions in detail.

In commenting on the soon to be completed Drilling Program, Patrick Griffiths, Executive Director of Iron Glen Holdings, said, "We are very pleased to be nearing completion of our initial Drilling Program and to be on schedule in achieving our company targets. Our aim in commissioning the Drilling Program was to delineate a magnetite resource in the vicinity of the old pit. This has been achieved. Future work programs will be undertaken to fully quantify this resource and assess the potential of the other 4 areas of interest within our tenement."

"The initial results from the Drilling Program are more promising than first anticipated. In addition to the magnetite intersections the Drilling Program also intersected gold and copper bearing mineralization. Whilst the significance of these intersections cannot be assessed until assay results have been received, these are exciting discoveries that we will further evaluate."

Source: Iron Glen Holdings Limited

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