09:32 AEST Nov 16, 2010 ABN Newswire (C) 2004-2010 Asia Business News PL. All Rights Reserved.
Sydney, Australia (ABN Newswire) - Iron ore company Dynasty Metals Australia Limited (ASX: DMA) today announced the results of regional geophysics and regional mapping to the south west of its 1.4 billion tonne Spearhole Iron Deposit.
Iron Gravel Potential
Interpretation of the geophysical results suggest the presence of two sub-parallel north east to south west trending structures which may have had a significant influence on the formation of massive iron gravels in the Spearhole deposit and elsewhere on the tenement.
Iron Formation Potential
Figure 1 (see link at the bottom of the release) also illustrates target areas which are considered to be prospective for hidden Brockman or Marra Mamba hematite iron deposits and additional detrital ironstone gravel deposits which have been defined from the interpretation of the magnetic data and regional geological mapping.
Channel Iron Potential
During the first quarter 2011, geological mapping traverses will be undertaken to define drill sites in the target areas. In addition, Dynasty's geologists will investigate the tenements further to south to establish the area's prospectivity for the channel iron deposits reported to exist in that area.
Basal Iron Conglomerate Potential
Dynasty is making preparations to test a large basal iron conglomerate deposit in 2011. Surface sampling has returned high iron grades in places.
Dynasty is encouraged by the early stage reconnaissance exploration at Prairie Downs to date. The Company is optimistic that exploration will define additional iron ore deposits that will be suitable for blending with the vast Spearhole detrital ironstone gravel deposit.
Overview of the Spearhole Prospect, Prairie Downs Project
The Prairie Downs tenements (~4,000 km2) are located to the west, south-west and south of Mt Newman. Dynasty's drilling to date has focused on the Spearhole Prospect in the northern part of E52/1927, covering only a small portion of the Prairie Downs tenements.
During the second half of 2009, a 300 hole (9,979m) reconnaissance drilling program was carried out at the Spearhole Prospect for a cost of A$1.2 million.
In March 2010, Dynasty announced the maiden JORC-Compliant Inferred Resources for the Prairie Downs Project totalling 453 million tones.
A A$2.5 million exploration program commenced in May 2010. Drilling completed during 2010 has comprised 9,377m of RC drilling and 1,085m of sonic drilling.
At the Spearhole Prospect, the 2010 RC drilling program has:
- tested 'extension' areas to the south and southeast of established resource;
- tripled the Inferred Resource to 1.4 billion tonnes; and
- twinned Sonic drilling holes allowing tight control on the beneficiation results
On 27 October 2010, Dynasty announced a 1.4 billion tonne JORC Compliant Resource including 932 million tonnes at 27.4% Fe at a cut-off grade of 20% Fe for the Company's Spearhole Detrital Channel Iron deposit.
For the complete Dynasty announcement including figures, please refer to the following link:
http://www.abnnewswire.net/media/en/docs/64186-ASX-DMA-515411.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)
http://www.dynastymetals.com.au
