Fe to commence drilling at Mt Elvire Iron Ore Project

Australian resources company Fe (formerly known as Buka Gold Limited) (ASX: FEL) plans to fast-track exploration of its wholly owned Mt Elvire Iron Ore Project.

The Project is located 130km north of the Koolyanobbing iron ore mines and 50km NNE of the Windarling iron ore mine, in the Yilgarn Iron Ore Province of Western Australia.

The Company has identified an Exploration Target comprising between 180M and 200M tonnes of Banded Iron Formation (BIF) mineralisation following a thorough review of all available data relating to the project, together with re-interpretation of recently acquired geophysical data.

The size of the Exploration Target was determined from interpretation of processed aeromagnetic data where more than 40 kilometres of highly magnetic units (interpreted as mineralised BIFs) have been identifed, and combined with results of rock chip sampling of outcropping BIF mineralisation and inferred to a depth of 50m below surface.

Best rock chip sampling results of outcropping BIF mineralisation to date include 63.25%, 61.95%, 60.83%, 54.46%, 52.48% and 51.94% Fe.

Outcrop is limited along the interpreted strike of the BIF mineralisation units, therefore the proposed RC drilling program will also target extensions of the mineralisation beneath shallow cover, where aeromagnetics indicate extensions to the highly magnetic units.

As part of the company’s plans to fast track exploration and development of the Mt Elvire Project it has appointed an Exploration Manager and Senior Technical Advisor to head up its exploration team.

Reconnaissance field work by the exploration team, to evaluate drill access, etc, will occur on site in the coming weeks, and a +2,000m RC drilling program is expected to commence soon after, with full details of the program to be released once confirmed, pending rig availability and regulatory approvals.

The Company currently has partial or total “iron ore” rights to over 3,000 square kilometres in the Mid West and Yilgarn Iron Ore Provinces of Western Australia.

While activities at the Mt Elvire Project are being fast-tracked, the company can confirm that it continues to review a range of opportunities at both the project and company level.

The review is designed to increase its portfolio of iron ore assets, particularly in the emerging Mid West and Yilgarn Iron Ore Provinces of Western Australia, where this is already existing or planned infrastructure associated with the mining, processing, transportation and export of iron ore.

http://www.proactiveinvestors.com.au/companies/news/6048/fe-to-commence-drilling-at-mt-elvire-iron-ore-project-6048.html