Radar Iron: Independent Review supports plus 830Mt exploration target at Die Hardy
Radar Iron (ASX: RAD) continues to progress the company's Yilgarn region based projects quickly, with an independent review confirming the large scale exploration potential of the Die Hardy project. Independent geophysical consultants, Core Geophysics of Perth, recently completed a geophysical review of the recently flown helicopter borne magnetic data over the project. The outcome delivered an exploration potential at Die Hardy of a primary magnetite banded iron formation of 0.83 to 1.38 billion tonnes at 25% to 35% iron. Providing another boost, the magnetic data also highlighted new untested magnetic units within 1 kilometre to the north and south of the main magnetite ridge, both with strike lengths of around 2 kilometres, with only the northern unit being included in the estimate of exploration potential. Significantly, these new zones indicate a greater depth to primary magnetite, indicating prospectivity for oxidised or direct shipping mineralisation. The new magnetic data also provides additional targets for iron mineralisation in the Die Hardy Range project area which remains Radar’s primary magnetite target.
Maiden resource in November Radar completed the resource drilling of around two kilometres of strike length of the Lara prospect in September and resource modelling has already commenced. The outcome is that a maiden magnetite resource is forecast for delivery in November 2011, after which the company will initiate a Pre-Feasibility Study. A Scoping Study at the project was completed recently, which helped boost the potential of Die Hardy being a viable project, with realistic transport, power and water infrastructure available.
Johnston Range DSO targeted drilling In other Radar news, a 3000 metre reverse circulation drilling program will kick off this month at the Johnston Range project. The project is significant for Radar, with around 20 direct shipping ore targets having already been identified, which have the potential to host 2 to 5 million tonne hematite deposits in pods. Johnston Range hosts 40 linear kilometres of banded iron formation, and has the potential to deliver a JORC Resource in the short term. Radar has outlined at the project an exploration potential for magnetite of 4.0 to 6.7 billion tonnes at 20% to 45% iron, which is based on significant magnetite being intersected by drilling.
TRH Price at posting:
$1.13 Sentiment: ST Buy Disclosure: Held
