Black Iron Inc. (TSE:BKI) Wednesday reported additional assay results from its definition and exploration drill program at the its Shymanivske Iron Ore Project in Ukraine.
The company said it continues to be encouraged by the
results of the infill drilling and the intersection of thick iron bands
in each hole with grades largely greater than 30% iron. Amongst the
highlights, hole BISH-5 intersected iron ore grading in excess of 30%
iron to depths of 436 meters, including 141 meters grading 32.3% iron
and 26 meters grading 33.3% iron.
Three drill holes (BISH-5,
BISH-6, and BISH-7) are part of a 20,000 meter definition and
exploration drill program started by the company on October 26, 2011.
diamond drilling program is designed to update the mineral resource
categorization to allow a larger in-pit mineral resource estimate to be
considered in the ongoing feasibility study.
said that the program will also focus on exploration holes in the
northern end of the property where the company believes additional
mineral resources may exist, but has not yet been explored.
drilling is currently underway at the Shymanivske project while the
company obtains additional permissions required to drill.
is an iron ore exploration and development company advancing its 100
percent-owned Shymanivske project located in Kryviy Rih, Ukraine.
project contains a NI 43-101 compliant resource with 373 million tonnes
measured and indicated mineral resources grading 31.3% iron and 480
million tonnes of inferred mineral resources grading 30.2% iron.
company believes that existing infrastructure, including access to
power, rail and port facilities, will allow for a quick development
timeline to production.
also holds an exploration permit for the adjacent Zelenivske project
which it intends to further explore to determine its potential.
Full details of the drilling can be found at http://www.blackiron.com.