looks like the cats out of the bag, couldn't believe it last night when I was reading the annual report, LML have confirmed they have discovered 4 seperate zones of visible hematite iron ore (confirmed by drill cores, just awaiting assay results to announce to the market)
unlike IRM and GNL which have surged recently due to iron ore rock chip samples, LML have confirmed hematite iron ore by way of a substantial drilling compaign.
below is a piece taken from the annual report yesterday see page 11
Six hematite targets (H2 to H7) were identified for aircore and/or shallow slim-hole RC drilling which began in August 2007 following an Aboriginal heritage survey. 83 aircore and slimhole RC holes were drilled for a total of 4,418m. Massive hematite-goethite rock or hematite BIF was intersected at four of the targets, H3, H4, H5 and H6. No assays are available yet.
Compare the drilling locations to the map on page 11, in particular pay attention too locations H3 and H6 they are at the base of a major magnetic fault zone.
Also of importance is the strike length of the Gum Flat tennement of over 35km with the possibility of several major iron ore discoveries.
Also very important is the location of the Gum Flat tennement close to rail/port infrastructure and in a location with historic hematite iron ore production of 200 million tonnes.
Given the current market reaction to iron ore results the upcoming news from LML is sure to send the market wild, I couldn't believe what I was reading in the annual report, hitting 4 different hematite iron ore locations in the one drilling campaign, remember this is not rock chip sampling this is drilling.
Remember with the iron ore sector running white hot a couple of 60% FE hits may send this one wild.
Below is links for the annual report and a recent boardroom radio interview.
