- Joined
- 9 January 2006
- Posts
- 335
- Reactions
- 0
Refocused Yilgarn aims high
Mining News
Thursday, 30 August 2007
YILGARN Mining is escalating drilling at its Marillana iron ore project in Western Australia's Pilbara, in an effort to define a 100 million tonne resource.
Investors reacted favourably to the announcement, with shares in the company up 12c to 66c in morning trade.
Yilgarn also announced it will seek approval at November's annual general meeting to change its name to Brockman Resources to better reflect its Pilbara strategic focus.
Managing director Wayne Richards said the work completed had demonstrated the potential for mineralisation extensions in the project's north-west sector.
"Based on (completed) drilling, the board is confident in setting a target of identifying an iron ore mineralisation potential at Marillana of at least 100 million tonnes over the next 12 months," he said.
"We expect to be drilling continuously between now and the wet season [in northern Australia] and we are confident of taking some important steps towards achieving this objective during the balance of this calendar year."
Yilgarn also reported drill results from 13 of its 43-hole program, which demonstrated an average iron content of 58% with an average interval width of 18.3m.
The company has previously reported a mineralisation estimate for Marillana's north-west sector of 30 million tonnes, grading 58.4% iron.
The present drilling program is 75% complete and a JORC-compliant resource estimate is due to be announced in October.
The project is just north of Newman, in the heart of WA's Pilbara region, on edge of the Hamersley Ranges.
Tenements owned by BHP Billiton, Fortescue Metals, Rio Tinto and Hancock Mining border the 96 square kilometre project.
Mining News
Thursday, 30 August 2007
YILGARN Mining is escalating drilling at its Marillana iron ore project in Western Australia's Pilbara, in an effort to define a 100 million tonne resource.
Investors reacted favourably to the announcement, with shares in the company up 12c to 66c in morning trade.
Yilgarn also announced it will seek approval at November's annual general meeting to change its name to Brockman Resources to better reflect its Pilbara strategic focus.
Managing director Wayne Richards said the work completed had demonstrated the potential for mineralisation extensions in the project's north-west sector.
"Based on (completed) drilling, the board is confident in setting a target of identifying an iron ore mineralisation potential at Marillana of at least 100 million tonnes over the next 12 months," he said.
"We expect to be drilling continuously between now and the wet season [in northern Australia] and we are confident of taking some important steps towards achieving this objective during the balance of this calendar year."
Yilgarn also reported drill results from 13 of its 43-hole program, which demonstrated an average iron content of 58% with an average interval width of 18.3m.
The company has previously reported a mineralisation estimate for Marillana's north-west sector of 30 million tonnes, grading 58.4% iron.
The present drilling program is 75% complete and a JORC-compliant resource estimate is due to be announced in October.
The project is just north of Newman, in the heart of WA's Pilbara region, on edge of the Hamersley Ranges.
Tenements owned by BHP Billiton, Fortescue Metals, Rio Tinto and Hancock Mining border the 96 square kilometre project.