That is a good start for three months work. Imagine if they could do that every three months???
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Promising first resource at McPhee Tuesday, 15 December 2009
GIRALIA Resources has unveiled a maiden resource for the Main Range deposit at its McPhee Creek iron ore project in the Pilbara, just three months after its discovery.
The Main Range deposit has an inferred resource of 52.1 million tonnes grading 56% iron or 61.7% calcined iron, 0.08% phosphorous, 6.7% silica, 3.2% alumina and 9.2% loss on ignition, using a cut-off grade of 50% iron.
The estimate is based on data from 71 reverse circulation drillholes completed since September.
The deposit is around 8 kilometres long and up to 1km wide with haematite mineralisation up to 90m thick and starting from the surface in many holes.
The company previously set an exploration target for the western end of Main Range of 100-140Mt and the deposit remains open in most directions.
Giralia is planning a major resource drilling campaign for early 2010 with the aim of growing the resource.
The company will also investigate development options at McPhee Creek, focused on road haulage to Port Hedland which is 220km northwest of the project.
In 2008, the company delineated a resource of 5.17Mt at 53.6% iron for the Crescent Moon channel iron deposit at McPhee Creek.
Shares in Giralia gained A2c in morning trade to $1.345.
GIR Price at posting:
$1.37 Sentiment: LT Buy Disclosure: Held
