Sydney, Australia - Dynasty Metals Australia Limited (ASX: DMA) are pleased to announce that it has successfully secured a strategic tenement following a strongly contested ballot. The new tenement, (E52/2591) is contiguous with Dynasty's existing tenement holdings, and is located near to the vast Mt Newman mining operations.
The tenement is adjacent to Dynasty's vast exploration license E52/2460 and is within an area which is tightly held by some of the world's largest Iron Ore mining companies such as
BHP Billiton (ASX: BHP) (NYSE: BHP),
Rio Tinto (ASX: RIO) (PINK: RTNTF) and
Fortescue Metals Group Limited (ASX: FMG). The new tenement increases Dynasty's tenement holding for the Prairie Downs Iron Project to 3,722km2.
The tenement covers a complex structural zone on the edge of the Hamersley Basin and adjacent to the vast intrusive of the Sylvania Dome. The tenement has recent alluvial which are interpreted to cover an area of potential Marra Mamba Formation.
Dynasty will include this tenement in its future exploration activities and utilise detailed geological mapping, ground magnetic and gravity surveys to identify drilling targets for initial exploration.
For the complete Dynasty announcement including figures of the tenement location, Dynasty's neighbours and the regional geology, please refer to the following link:
http://www.abnnewswire.net/media/en/docs/63799-ASX-DMA-506567.pdf
About Dynasty Metals Australia Limited:
Dynasty Metals Australia Ltd (ASX:DMA) is an emerging Australian iron ore exploration company focused on developing its 100%-owned tenements at Prairie Downs in Western Australia's Pilbara region.
In March 2010, Dynasty announced initial JORC-Compliant Inferred Resources of 453 million tonnes of Detrital Channel Iron and 23.3 million tonnes of Marra Mamba Iron Formation.
The 2010 exploration programs are underway and are aimed at further testing and significantly expanding the current resources, as well drilling a large iron-rich basal conglomerate for the first time. The exploration target is more than 1 billion tonnes of iron.
During 2010, Dynasty plans to commence detailed commercial investigations that will cover preliminary mine planning, beneficiation process design, mining and processing costs, transport infrastructure, capital costs, environment and native title clearances, and government approvals. A pre-feasibility study is anticipated to commence in late 2010.
Contact:
Malcolm Carson, Executive Director - Technical
Dynasty Metals Australia Limited
Tel:+61-2-9229-2704
Lewis Tay, Executive Director
Dynasty Metals Australia Limited
Tel:+61-2-9229-2710 (Chinese)
www.dynastymetals.com.au
