Atlas Iron claims new Direct Shipping Ore discovery

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THE DRILL SERGEANT: Atlas Iron (ASX: AGO) has reported encouraging drill results from its maiden exploration drill program being carried out at the company’s 100 per cent-owned Corunna Downs project in Western Australia.

The program is drill testing one of several zones of surface iron enrichment Atlas previously identified at the Corunna Downs project.

To date 31 RC holes have been completed, 11 of which Atlas has so far received assay results.

The company said the assay results it has received to date indicate low alumina and moderate phosphorous and appear complimentary to its existing shipped product specification.

Best results include:

–    234 metres at 59.2 per cent iron from surface;

–    194m at 59.5 per cent iron from 6m;

–    180m at 58.8 per cent iron from 8m; and

–    62m at 59 per cent iron from surface.

“The first round of drilling results at Corunna Downs are spectacular and we look forward to seeing the remaining outstanding assays from this first pass drilling,” Atlas Iron managing director Ken Brinsden said in the company’s announcement to the Australian Securities Exchange.

“They also demonstrate the additional potential still to be realised from our North Pilbara portfolio.”

 

North Pilbara resource locations. Source: Company announcement

 

Atlas explained that although it was yet to identify an Exploration Target for the Corunna Downs project to date, its current drilling program is continuing to test a number of Banded Iron Formation (BIF) units.

Further work to define additional drill targets over the 20km-plus strike length of prospective ground Atlas holds in the region is underway.

Atlas recently exercised its option to complete the purchase of the entire underlying mineral rights to the Corunna Downs project area.

The company currently has two separate Exploration teams in the field; one drilling at Corunna Downs and the other adjacent to its Pardoo Operation.

Additional priority drilling at Abydos and Miralga Creek is expected to be completed in the coming months, in addition to continued drilling at Corunna Downs.


Disclaimer: The Roadhouse holds shares in Atlas Iron