Unfortunately, it appears that drilling will not commence until September!!!
Bugger
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Giralia controls a 570 square kilometre area in the Miss Fairbairn Hills area of the northern Earaheedy Basin, 100 kilometres north of Wiluna, and 200 kilometres south of Newman in Western Australia.
Giralia was the early mover in this new, high potential iron ore province, which is thought to be the second largest accumulation of iron formations (the host to bedded iron ore deposits) in Australia, reported to contain in total over 500 strike kilometres of thick (up to 500 metres) iron formations.
The Company's 100% owned Earaheedy tenements cover 130 strike kilometres of the most iron-ore prospective areas defined by past exploration work in the late 1970s, principally by Amax Exploration (Australia) Inc. ("Amax"), which resulted in the location of widespread areas of hematite enrichment with surface grades up to 66% Fe. A small program of shallow drilling by Amax (only 652 metres of drilling in total, average hole depth 23 metres) returned intersections of 22 metres @ 56.5% Fe including 14 metres @ 59.3% Fe, and 4 metres (to end of hole) @ 60.4% Fe, in the Miss Fairbairn Hills, now wholly on Giralia's tenements.
Importantly, the Earaheedy iron formations are shallowly dipping, providing the opportunity for large tonnages, and major low angle fault repetition interpreted from aeromagnetic data provides numerous potential targets for structurally controlled hematite enrichment. Giralia's mapping and rock sampling has confirmed high-grade outcropping iron ore mineralisation. In the best zone defined to date, an open ended, exposed cumulative thickness of approximately 20 metres of hematite mineralisation grades 62% Fe, with 0.088% P.
Additional rock samples (26 samples) taken during the June 2008 quarter have extended the areas of known high grade low phosphorous iron at surface, and returned grades in excess of 65% Fe.
GIR Price at posting:
0.0¢ Sentiment: LT Buy Disclosure: Held
