Iron ore producer IMX Resources (ASX: IXR) has kicked off a second round of reverse circulation drilling at the highly prospective Snaefell iron ore prospect.
The prospect offers high potential due to its location just 12 kilometres to the south-west of the producing Cairn Hill magnetite copper gold mine.
Snaefell is part of the wholly owned Mt Woods Iron Project, which is interpreted to have a strike length of more than 3 kilometres - and a vertical depth extent of at least 250 metres.
The program will comprise 30 holes for 6000 metres drilling, targeting a two kilometre strike extension.
This extension is both east and west of the known Snaefell ‘core area’ magnetite mineralisation.
The exploration target tonnage of this region is between 200 to 300 million tonnes at 28% to 35% iron, and is in addition to the ‘core area'.
Snaefell is located within the Kangaroo Dam exploration licence, which is subject to a joint venture with OZ Minerals (ASX: OZL), with IMX retaining 100% of the iron ore rights, while OZ Minerals is earning-in on the non-iron ore rights.
Originally published at: http://www.proactiveinvestors.com.au/companies/news/19058/imx-resources-new-drilling-campaign-near-cairn-hill-magnetite-copper-gold-mine-19058.html
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