Mount Ridley discovers high-grade iron ore in WA | Australian Markets

Mount Ridley Mines has found high-grade iron ore up to 62 per cent in rock chip grab samples from a reconnaissance program undertaken on the company’s Weld Vary West project, in Western Australia’s Mid West area.

The company engaged a personal consulting firm to conduct rock chip sampling throughout its project ground, concentrating on three banded iron formation (BIF) models.

A complete of 146 rock chip samples had been obtained from outcrop and sub-crop areas throughout the location, with a sequence of stellar high-grade returns consisting of 62.03 per cent, 61.86 per cent, 61.55 per cent and 60.73 per cent.

Weld Vary West consists of the western 20 per cent portion of the Weld Ranges and covers 4 parallel BIF models. Every unit has a strike size of more than 10 kilometres.

The Madoonga BIF is the northernmost unit within the project. The Wilgie Mia and Lulworth BIF models are within the southern portion of the location and Wilgie Mia is its southernmost unit.

Administration says that primarily based on earlier geological interpretations, the three models are potential for iron minerals and the southern BIF models demonstrated persistently larger iron content material.

The Wilgie Mia and Lulworth BIF models produced the standout higher-grade outcomes of hematite mineralisation, indicating the prospectivity of the 2 southern models. No drilling to check for hematite ore has occurred within Mount Ridley’s ground.

The company noticed a basic development of the northern part dominated by chert and siliciclastic rocks, whereas the southern portion consists of more iron shales and jasper.

Administration is planning additional exploration to acquire a higher understanding of some anomalous high-grade iron outcomes to find out their total significance to the project.

An extra rock chip sampling program is deliberate to observe up on the encouraging first pattern batch and to check the prospectivity of a tenement not subjected to the initial chip sampling.

The company believes aeromagnetic imaging of the world proves the parallel horizons of the BIFs lengthen for the complete size of the Weld Ranges, with its project ground analogous to the general Weld Vary space.

The Weld Ranges has seen important iron ore sources found within the 80 per cent of the world’s landholdings, that are managed by the likes of Sinosteel Midwest Corp and Fenix Sources. Sinosteel’s Weld Vary iron ore project has a 300 million tonne hematite useful resource thought-about to be direct-shipping-ore materials.

Mount Ridley has lately engaged a geological marketing consultant to finish a complete review of its landholdings that comprise its uncommon earths project. The company says it stays dedicated to the project’s long-term potential and plans to keep up its tenements to maximise any future upside that will consequence from improved market situations.

The price of iron ore could also be trending sideways at current. As quickly as Mount Ridley believes it has a promising play on its arms, it would suppose that getting a drill bit spinning sooner moderately than later is worth it.

Is your ASX-listed company doing one thing attention-grabbing? Contact: [email protected]