The Mt. Manning iron ore deposit in the Yilgarn region of Western Australia has inferred resources of 124 million tonnes grading 25.4% iron at a cut-off grade of 20% iron, reports Salmon River Resources (SAL-V).
The resource estimate was based on eight RC drill holes and 1,884 metres completed between June and July this year and which were spaced at 400-metre intervals along strike. The company plans detailed resource estimate drilling next year and believes the iron ore prospect has the potential to host a significant magnetite deposit.
“The reported resource does not include any of the banded iron formation structures at Mt. Manning South or the Barlee tenement and thus covers only about 4% of the total BIF strike length that have the potential to host both magnetite and hematite iron ore mineralization,” the company said in a statement.
The deposit is about 210 km northwest of Kalgoorlie and is made up of two tenements. The 298 sq km Mt. Manning tenement is to the north and northeast of the nearby Windarling and Mt. Jackson high-grade iron deposits mined by Cliffs Natural Resources (CLF-N).
The Barlee tenement, 25 km northeast of the Mt. Manning property, spans 99 sq. km and contains banded iron formations that are mainly covered by a salt lake and consisting of magnetite and possibly hematite.
A technical report notes that prospective geology at Mt. Manning “is comprised of a narrow north-south trending greenstone belt that contains several units of banded iron formation (BIF) extending over 18 km in the northern portion of the property and a further 3 km in the southern extension of the property.” Detailed geological mapping and interpretation of associated structural data has identified two significant BIF units spaced 300 metres apart, the report states.
At presstime the junior was trading at 30¢ per share within a 52-week range of 20¢-69¢ and has about 39.5 million shares fully diluted.
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