Posted On: 05/06/2012 12:12:22 PM Poste
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So far, every hole we have drilled runs into magnetite iron at depth, depending on the locations elevation, DH 70 and 72 at the lower elevations hit iron at 2 and 4 meters, DH 69 was already excavated down to 30 m, so we started drilling in the iron, DH 73, the one behind the crushers, we hit the iron at 6 (we had graded 3m off the surface, so from surface was a total of 9 meters down)meters, took it down to 100m, and stopped, but we were still in the iron, (between 16 and 26m, we found a 10m thick lenses of hematite/magnetite mixed) to answer your question, the basement (in non-geological terms) seems to be magnetite iron of lower grades at depth, which if we mine it, we will have to build a concentration plant, that option is under study now and materials have been sent to Bao Steel’s lab to test for up-lift percentage expectation on a beneficiation basis, we have stopped drilling for now until the testing results are back. In the area between 69,70, 72 and 73, there is total of 13,400,000 mt of iron minerals proven . We have not yet paralleled a hole to match 71, so no calculations were made in that section which is the same cubic meter size as the first calculations. In short we don’t know how wide or how deep the magnetite is; but early indications seem to confirm wide area magnetometer readings.
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