Prospects of an iron ore resource close to Gladstone are looking positive. Eastern Iron (EFE) just announced that they've upgraded the target resource of their Eulogie magnetite deposit, close to Gladstone, from 200Mt to between 500 - 1000Mt. They'll commence a diamond drill program in May to measure a JORC compliant resource.
Securing ore is still a big outstanding issue for the Gladstone Project. If they can secure a long term off take from EFE it will play a big role in the economics of the Project, being so close to the Project site.
Will be interesting to see how this progreses....
BGD Price at posting:
9.8¢ Sentiment: Hold Disclosure: Held
