Black Iron (TSE:BKI) reported late Monday the results from the final two holes of its diamond drill program at the company's Shymanivske iron ore project in the Ukraine.
The 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-57 returned 31.8% total iron over 119 metres, including 65.5 metres at 34.8% total iron, while BISH-58 intersected 38 metres of 32% total iron, and 18 metres at 32.6% total iron.
The 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.
"With these final drill hole results, we have now successfully completed the definition drill work at Shymanivske and are very encouraged by the assay results," said chief operating officer, George Mover.
"We have concluded that the definition results align well with our historical models and expect that the majority of the iron ore defined as inferred material in our last resource estimate will be upgraded to the measured and indicated categories."
Mover further said he expects the new mineral resource estimate to be available within the next four weeks - ahead of the bankable feasibility study due to be completed in the fourth quarter.
Black Iron is an iron ore exploration and development company advancing its 100 percent-owned Shymanivske project located in Kryviy Rih, Ukraine.
Earlier this month, company released further results including hole BISH-59, which intersected 32.0 metres grading 33.6% iron and 38 metres grading 31% iron.
The project currently 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.
Black Iron also holds an exploration permit for the adjacent Zelenivske project which it intends to further explore to determine its potential.
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