Aurium Resources (ASX: AGU) is working towards a Pre-Feasibility Study at the Peak Hill Iron project with partner Padbury Mining (ASX: PDY), completing a diamond drilling program at the project.
A total of 619 metres of diamond core was collected, geologically logged, photographed and rock quality designation measured on the oriented core.
Results from the drilling are expected to support the existing JORC Inferred Magnetite Resource of 850 million tonnes at 27.3% iron at Telecom Hill.
Meanwhile, a reverse circulation drilling program is underway, testing for direct shipping ore as well as magnetite, with 4,000 metres drilled to date.
This program was designed to follow up on geological mapping which identified iron ore targets with potentially significant hematite-geothite mineralisation.
A hematite exploration target of 10 million tonnes to 55 million tonnes at 55-60% iron has been set for Peak Hill.
Originally published at: http://www.proactiveinvestors.com.au/companies/news/25396/aurium-resources-completion-of-diamond-drilling-a-step-toward-peak-hill-pre-feasibility-study-25396.html