mac bank research link, page-10

MCPHEE CREEK - 365 holes starting end of March - There is no point dying wondering

As per some of my posts a while ago - you can see the truth in what they are saying from the aerial photos in the presentations they give - its bleeding obvious.

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The deposit comprises a SHALLOW -DIPPING dipping, near-surface hematite rich zone UP TO 90m THICK within an Archaean aged banded iron formation sequence, and is potentially within road haulage distance of Port Hedland. The DEPOIST REMAINS OPEN IN MOST DIRECTIONS and the SHALLOW DIP INDICATES LARGE TONNAGE POTENTIAL ALONG THE RANGE which is ~8KM LONG and UP TO 1KM WIDE.

Surface mapping indicates that mineralisation extends further east than the area currently drilled, and also extends south into a SYNCLINAL KEEL where recent rock sampling has returned high iron grades. As the EASTERN MOST HOLE IS MINERALISED HOLE ON MOST SECTIONS, this suggests THAT THE RELATIVELY FLAT FLYING MINERALISATION COULD EXTEND CONSIDERABLY FURTHER than currently modelled in the Companys conservative initial Exploration Target of 100 to 140 million tonnes of hematite iron ore (57-
60%Fe) for the main range deposit, for the western side of the range only.

The Company has initiated a Scoping Study into development options at McPhee Creek, with a Base Case of road haulage to Port Hedland. Permitting is now in place for a total of 365 holes to extend the current resource, with drilling scheduled to commence in late March 2010.