Toronto-based iron ore explorer Black Iron (TSE:BKI) unveiled late Tuesday additional results from its diamond drill program at the company's Shymanivske project in the Ukraine.
company said it continues to be "encouraged" from the results of the
definition and exploration program, intersecting thick iron bands
grading more than 30% iron.
Hole BISH-59 intersected 32.0 metres
grading 33.6% iron and 38 metres grading 31% iron, while hole BISH-70
returned 46.0 metres of 31.8% iron.
two drill holes released were part of a 12,000 metre definition and
exploration drill program conducted by the company between July and
December last year.
said the campaign is expected to result in a portion of the resources
previously classified as inferred to move into the measured and
indicated category in the next NI 43-101 compliant resource report.
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.
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.
July, the company released further results including hole BISH-72,
which intersected 46.5 metres grading 35.1% iron and 20.0 metres grading
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.