This is a very undervalued iron ore play...hematite, at high grades and along strike from Midwest deposit in Beebyn-Weld range
16/10/07
"“The Directors of Giralia Resources NL ("Giralia") report the recommencement of resource drilling at the Company's 100% owned Beebyn-Weld Range iron ore project in Western Australia's emerging Mid West iron ore province.
Giralia is exploring a 6 kilometre long segment of the north-eastern Weld Range, immediately along strike from the Midwest Corporation Ltd and Sinosteel Corporation Joint Venture. Midwest/Sinosteel recently announced a resource of 50.1 million tonnes @ 59.2 % Fe for its Beebyn segment of the Weld Range (within 2 kilometres of Giralia's tenements), and is proceeding with a Pre-Feasibility Study on mining at a minimum rate of 15 million tonnes per annum from Weld Range. Importantly, rail infrastructure is proposed right to Giralia's "doorstep". Giralia has completed a total of 26 RC drill holes to date in its wholly owned segment of the Weld Range, and reported significant intersections of direct shipping hematite iron ore including 24 metres @ 62.4% Fe, 0.10% P, 1.69% Al2O3 from 38 metres in hole RCB006, 38 metres @ 60.6% Fe, 0.09% P, 1.15% Al2O3 from 62 metres in hole RCB007, and 30 metres @ 60.3% Fe, 0.04% P, 1.78% Al2O3 from 56 metres to end of hole in hole RCB016. Drilling is in progress to extend and infill currently known hematite zones and will also test a newly discovered hematite zone outcropping to the north of the area drilled to date with average grade from 5 surface samples of 61.6% Fe. Following this drill phase, it is intended to complete initial resource estimates for the Company's wholly owned Beebyn segment of the Weld Range. Giralia's "Exploration Target*" (see footnote) on its segment of the Weld Range is 10 to 20 million tonnes of direct shipping hematite mineralisation. Attention will then, subject to anticipated imminent tenement grant, turn to the 11 kilometre long iron formation range at Beebynganna Hills, located only 15 kilometres south of the Weld Range, where mapping and sampling has confirmed positive indications from first pass reconnaissance prospecting. At least seven zones of unexplored high grade (>60% Fe) hematite mineralisation have been identified at Beebynganna Hill, including two zones with grades in excess of 65% Fe. Additionally, several zones of detrital iron ore grading up to 63.7% Fe have been mapped. Based on surface mapping and sampling, the Company has an initial "Exploration Target*"(see footnote) of 50 million tonnes of hematite mineralisation at Beebynganna Hills.”
Shareprice currently 88c...158m shares on issue
GIR Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
