Forrestania Resources Ltd (ASX:FRS) has struck high-grade iron ore mineralisation in the first reverse circulation (RC) drilling program targeting the metal at the Koolyanobbing Iron Project in Western Australia.
The company drilled nine holes over 687 metres, looking for extensions to Mineral Resources Ltd (ASX:MIN)’s Koolyanobbing mine, which held mineral reserves of 40.8 million tonnes at 58.2% iron as of 2019.
The drilling program generated a highly promising intercept of 2 metres at 44.6% iron from 101 metres of depth, which demonstrated banded iron formation-style (BIF) mineralisation, as well as hematite (iron ore above 70%) and geothite, a kind of iron oxide.
Further investigation required
“The Koolyanobbing Fe (Netley) project contained several large but untested iron ore targets,” Forrestania chair and interim CEO John Hannaford said.
“Forrestania signed an option to acquire the project, committing to a modest drill program to test the main targets, with heritage approvals and POWs [program of works] largely in place over several iron targets.
“The drill program tested some of the targets in collaboration with the vendors’ representatives, and results are encouraging over the northwest target, however, need further investigation.
“Given the close proximity of this target to the MinRes Koolyanobbing mine, the company plans to further assess these results and refine targets with geophysics and other information ahead of a possible further drill program.”
Several holes could not reach the planned depths in this program, as the drill bit penetrated clay horizons that threatened to damage the RC rig itself, requiring different equipment to investigate deeper.
FRS says it’s currently addressing the results and potential for a revised drilling program at the northwest target, as well as new target areas, with an upcoming geophysical survey likely to offer greater insight into the project’s geological controls.