“This new resource confirms that multiple deposits of high quality, direct shipping iron ore occur within our exploration licenses. Our rapidly
growing resource base provides us with a great opportunity to increase
our production scale and support funding of transport infrastructure” said
FerrAus Managing Director - David Turvey.
7.4 Million Tonnes @ 57.8% Fe
4.4% SiO2, 3.0% Al2O3, 0.077% P and 9.3% LOI
Calcined Fe = 63.7%
This resource estimate is based on results from RC drilling reported to the
Australian Stock Exchange on the 17th December 2007. It was completed
by Coffey Mining Pty Ltd in accordance with the AusIMM JORC Code for
Reporting of Exploration Results (refer to attached resource statement).
Highlights & Future Work:
The initial iron ore resource at the Davidson Creek prospect
remains open both along strike and down dip (refer Figure 1).
Follow-up RC drilling is scheduled during mid 2008 with the
potential to increase this resource to 20 million tonnes.
FerrAus has identified eight (8) targets within the Davidson Creek
project area with exploration potential of each target being
approximately 30 million tonnes
. RC drilling is currently underway on
two (2) targets located to the west of theDavidson Creek prospect.
Assay results are expected over the next several months, followed by
initial resource estimates.
Overall at the Davidson Creek project, systematic exploration of
existing targets has the combined potential to increase the resource
base to 100 million tonnes grading 57 to 60% Fe during 2008.
Along with the Robertson Range iron ore project, FerrAus believes it
has a “proven exploration record and is well placed” to ultimately
grow the resource base at its East Pilbara iron ore projects to 250