Legacy Iron Ore (ASX: LCY) continues to deliver broad intersections at the Mt Bevan joint venture in Western Australia, with the latest results in line with exploration target for magnetite of 1.5 – 2.0 billion tonnes at 30% - 40% iron.
Highlighting the potential of the project, the target is for the southern part of the western banded iron formation alone. The latest intersection was up to 140 metres at 34.0% iron.
Sharon Heng, managing diretor, commented, “Drilling continues to confirm the presence of a large mineralisation, along strike and of similar thickness to our phase 1 drilling.
"These results are very encouraging in that they provide ongoing confidence in the ability to upgrade the current Inferred JORC Resource and convert a large part of the exploration target into a JORC Resource.”
An extensive 5000 metre resource extension drilling campaign at the project is nearing completion, with Legacy Iron saying that results received for most of the southern zone drilling extension show significant mineralisation.
The drilling is positioned along strike to the north and south of the current Inferred Resource of 617 million tonnes at 32.1% iron, and once completed will provide complete coverage of the western banded iron formation target across the 11 kilometres of strike, and to a depth of up to 300 metres.
With the primary purpose of the additional drilling to extend the current resource, Legacy also plans to complete several diamond drill holes to assist in providing geological, QAQC and metallurgical information. One hole has been completed to date, with an additional to follow.
Importantly - as drilling has continued along strike, results indicate there is virtually no change in dip, thickness or grade.
Mt Bevan is a joint venture between Legacy and Hawthorn Resources (ASX: HAW), where Legacy is earning a 60% interest in the project by expending a minimum of $3.5 million on exploration.
Originally published at: http://www.proactiveinvestors.com.au/companies/news/21208/legacy-iron-ore-eyes-resource-upgrade-after-140m-at-340-iron-intersection-at-mt-bevan-21208.html
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