Announcement out. Heres a summary of Munderra iron project:
• Drilling has commenced at Munderra Iron Project, northern Queensland targeting depth extents of near surface high grade iron mineralisation
• Drilling expected to be completed in one week with assay results expected in 6-8 weeks
• Metallurgical testing of approximately 400kg of iron from the Paddy Mining Lease showed the iron grade ranged between 65.24 to 66.29% Fe.
Heres the deal as i see it in regards the iron ore potential. InterMet has delineated an initial exploration target over priority drilling areas of 10 million tonnes at a grade of 66% Fe, based on a thickness around 10m to 20m. If intersections are thicker than 20m, we could see a larger resource at fantastic DSO grades.
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