Shares – 91m
Options – 15.35m (varies expiries and strike prices)
Cash – $2m
MC -$15.3m
NEVADA IRON ANNOUNCES OUTSTANDING DRILL RESULTS INCLUDING 10.7 M GRADING 53.0% TOTAL FE
Emerging iron ore developer, Nevada Iron Ltd is pleased to announce the first drill results from its recent drill program at the Buena Vista Iron Project in Nevada, USA.
• 36.6 m grading 31.3% total Fe from 24.4 m including 10.7m grading 53.0% total Fe
• 70.1 m grading 30.1% total Fe from 117 m
Drilling at the Section 5 deposit has encountered magnetite mineralisation over a strike length of up to 450 m, maximum widths of 250 m and to depths of 200 m where several holes terminated in mineralisation.
The Section 5 deposit is open across strike and at depth, and further drilling will be required to establish the full extent of the deposit. The Exploration Target (conceptual) for the Section 5 deposit is 12-18 Mt grading 18-26% total Fe.
The project’s currently identified JORC Exploration Targets (conceptual) provide for an additional 195 Mt to 268 Mt of exploration potentia. Significant potential, therefore, exists to expand the scale of the project through additional exploration of, in particular, higher grade magnetite mineralisation at these prospects
Narracoota (100% Nevada Iron – Latin Gold Limited earning 90%)
The Narracoota project is located approximately 80 kilometres north of Meekatharra, Western Australia.
The project covers part of the southern section of the Palaeoproterozic Bryah Basin (a subbasin of the Glengarry Basin) and has been explored for epigenetic gold and VHMS-style base and precious metals by previous explorers.
The project area lies some 75 kilometres southwest of the DeGrussa discovery which is hosted by rock units of the Narracoota Volcanics. The Narracoota project contains extensive widths of Narracoota Volcanics, which are interpreted to occur in at least three structural repetitions that provide a cumulative target zone of approximately 20 kilometres in length.
Loongana (Nevada Iron 100%)
The Loongana project is located on the Nullarbor Plain within Western Australia and covers over 40 kilometres of a buried mafic and ultramafic intrusive. The intrusive had been interpreted from geophysical surveys and two historic drill holes, and six drill holes completed to date by Nevada Iron have confirmed the geology.
A reverse circulation drilling programme to test three magnetic and gravity co-incident anomalies within the tail and neck section of the ultramafic intrusive is planned for the June quarter of 2012. Three vertical holes are planned with an average depth of around 400 metres.
Nevada Iron was successful in receiving funding of $122,500 from the Royalties for Regions programme for this proposed drill programme.