Flag hits magnetite, extends drill hole

A deep hole drilled by Flag Resources (ASE) on the Wanapitei anomaly near Sudbury, Ont., intersected 814 ft. of magnetite-bearing core from a depth of 1,900 ft.

The magnetite (FE3O4) may have been converted from hematite (FE203) by an igneous intrusion at depth, Flag suggests.

At the nearby Sudbury anomaly (a twin of the Wanapitei anomaly), an igneous intrusion hosts nickel, copper and precious metal deposits.

Using a larger drill, Flag is deepening the hole to 4,000 ft.