Black Iron (TSE:BKI) said Tuesday that assay results from five additional infill drill holes at its Shymanivske project in Ukraine continue to confirm thick iron bands with grades well past 30 percent iron.
The iron ore explorer said that hole BISH-9 intersected 104.3 metres
grading 32.7 percent iron including 56.7 metres grading 34.1 percent
The results reported Wednesday are from the 20,000 metre definition
and exploration diamond drill program at Shymanivske, which was started
in October 2011.
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 exceeding 30% iron.
Other notable results included 35.7 metres at 28.9 percent iron in
hole BISH-8, 14.3 metres at 33.6 percent iron in hole BISH-10, 42.2
metres at 32.0 percent iron in hole BISH-11 and 43.5 metres at 31.1
percent iron in hole BISH-12.
The drill program is designed to upgrade mineral resources, so as to
allow a larger in-pit mineral resource estimate to be considered in the
ongoing feasibility study for the project, the company said.
The campaign is also focused on exploration holes in the northern end
of the property, where the company said it believes additional mineral
resources may exist.
Ukraine-based Mekhanobrchermet (Research Institute of Mineral
Processing in Ferrous Metals) has been hired by the company to complete
independent metallurgical test work on the recovered drill core from the
also noted Wednesday that, as announced earlier this year, no drilling
is currently underway at the project, as the company obtains additional
permissions required to drill.
The explorer is focused on advancing its 100 percent-owned
Shymanivske project located in Kryviy Rih, Ukraine, which contains an NI
43-101 compliant resource with 373 million tonnes measured and
indicated resources grading 31.3 percent iron and 480 million tonnes of
inferred resources grading 30.2 percent iron.
The project is surrounded by five other operating mines including
ArcelorMittal's iron ore complex. Management is confident that the
existing infrastructure, including access to power, rail and port
facilities, will allow for a quick development timeline to production
for its project, the company said.
also holds an exploration permit for the adjacent Zelenivske project,
which it plans to further explore to assess the potential.