With the momentous first phase of its diamond drilling program now complete, our Central Eyre Iron Project (CEIP) looks like yielding a set of milestones to set the South Australian region on the international resources map.
The CEIP is South Australia’s largest iron ore resource and Iron Road has been able to announce an increase in the exploration target for the Rob Roy prospect following completion of 46 holes for 16,008m.
The increase is from 400-700Mt to 700-900Mt of magnetite gneiss, with an estimated grade of 16-18% iron. The program was extended by 19 holes in order to target a down-dip extension of mineralisation at depth.
The news meansIron Roadis on target to significantly increase existing global resources at the CEIP site from the current 2.10Bt. Coffey Mining had previously established an exploration target of 2.80 to 5.70Bt of magnetite gneiss with a grade of 18-25% iron.
The company is now awaiting approval from the South Australian Department for Manufacturing, Innovation, Trade, Resources and Energy for a second phase of diamond drilling at Rob Roy of 53 drill holes for 27,975m.