The Mt Ruby iron prospect is located approximately 21km south-southwest of the town of Herberton and 25km northeast of Mt Garnet (Figure 1). The Mining Lease Application covers an outcropping hill of ironstone and surrounding zone of magnetite-rich float (Figure 2; Plate 1). The hill is approximately 30m in height, 80m in length and 80m in width. The iron at Mt Ruby comprises a magnetite skarn and the iron assays up to 69.48% Fe with low phosphorous and silica. On the western side of the hill, zones of higher garnet content (up to 30%) were observed, but the garnet should be easily removed by crushing and magnetic separation producing a high-quality iron concentrate. Two old cement drill hole collars were located on the eastern side of the hill with both holes located approximately 50m from the hill. Both holes were angled at 60o back to the hill. InterMet has been unable to locate any data from these holes, but the vendor commented the holes were targeting an IP anomaly at depth under the hill and both holes only intersected ironstone. One small piece of magnetite drill core was found next to the collar of one hole and provides encouragement that the ironstone is more widespread under the plain around the hill. Float of ironstone can be observed up to 80m from the hill on the eastern side.
ITT Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
