Black Iron (TSE:BKI) reported late Tuesday what it called continued "encouraging" results from its diamond drill program at its Shymanivske iron ore project in Ukraine.
The company said infill drilling continues to intersect thick iron bands in each hole, with grades exceeding 30% iron.
Of note, hole BISH-17 returned 65.0 metres grading 33.8% iron and 11 metres grading 31.4% iron.
The four drill holes released Tuesday formed part of a 12,000 metre defintion and exploration drill program conducted by Black Iron between July and December last year.
"The DE program drilling will result in a portion of the resources
previously classified as inferred moving into the measured and indicated
category in the next 43-101 compliant resource report," the company
said in a statement.
Ukraine-based Mekhanobrchermet (Research Institute of Mineral
Processing in Ferrous Metals) completed the independent metallurgical
test work on the recovered drill core from the program.
As announced previously, the company noted again Tuesday that still
no drilling is underway at Shymanivske until it obtains additional
permits required to drill.
However, it also noted that additional drilling is not required to
complete the feasibility study, which would be conducted in the future
to potentially boost the in pit resource estimate.
is an iron ore exploration and development company advancing its 100
percent-owned Shymanivske project located in Kryviy Rih, Ukraine.
In late May, the company released results from the project, including
hole BISH-5, which intersected iron ore grading in excess of 30% iron
to depths of 436 metres, including 141 metres of 32.3% iron and 26
metres grading 33.3% iron.
The 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.
The 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.