Aurium Resources drilling program at Peak Hill iron project expected to recommence next week

Aurium Resources (ASX: AGU) will more than likely resume drilling at the Peak Hill Iron Project joint venture next week, after severe weather brought a halt to proceedings.

Heavy rain and hail has been experienced over the past few days and flooding has cut access to the site and the nearest towns of Meekatharra and Newman. Inclement weather is forecast to continue for the next few days as well.

A reverse circulation drill remains secured at site with all contractors required for the drilling program retained. A diamond rig is also on site and is ready to commence drilling once the weather has improved.


DSO and resource upgrade targeted

Earlier in the month the joint venture wrapped up a twelve hole drilling program at Telecom Hill, which is hosted within the Peak Hill Iron Project joint venture in the mid-west region of Western Australia.

The project has potential and includes an exploration target of 3.5 to 5 billion tonnes at 25% to 35% iron, and is prospective for magnetite and hematite iron ore.

Providing another boost is that Telecom Hill has a direct shipping ore exploration target of 10 to 55 million tonnes at 55% to 58% iron.

The current Inferred JORC Resource is 850 million tonnes at 27.3% iron, which was defined from less than a half of the 10 kilometre strike length - indicating a strong chance of a resource upgrade in the near future.

Aurium has a 30% stake in the joint venture, with Padbury Mining (ASX: PDY) 70%.

Originally published at: http://www.proactiveinvestors.com.au/companies/news/21541/aurium-resources-drilling-program-at-peak-hill-iron-project-expected-to-recommence-next-week-21541.html