Atlas Iron encouraged by Corunna Downs drilling results

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THE DRILL SERGEANT: Atlas Iron (ASX: AGO) has released additional drilling results from the recently-named Split Rock discovery, located at the company’s 100 per cent-owned Corunna Downs project in the Pilbara region of Western Australia.

Atlas has completed 39 RC holes at Split Rock to date, from which it has previously received some results.

It has now received the assay results for an additional 17 of those holes, which the company said has extended the potential of this discovery.

Additional assays received from Split Rock include:

–     136 metres at 56.74 per cent iron from surface;

–     90m at 58.74 per cent iron from 4m;

–     98m at 57.77 per cent iron from 72m; and

–    120m at 56.86 per cent iron from 6m.

“These new drilling results from Corunna Downs are fantastic and we await the remaining assays from our first Corunna Downs drill program with great anticipation,” Atlas Iron managing director Ken Brinsden said in the company’s announcement to the Australian Securities Exchange.

“Importantly, as our geologists spend more time on the ground at the project, they are turning up additional drill targets to test with continued exploration.

“We look forward to realising the full potential of what is going to be an exciting project for the company.”

 

Atlas Iron North Pilbara resource and exploration project locations. Source: Company announcement

 

Atlas indicated it will be targeting the development of its first Resource for the Split Rock prospect during the September Quarter 2013, following additional drilling to define the Western boundary to the body of mineralisation.

Atlas said the latest results have continued to support its expectation that this new direct shipping ore discovery has the potential to complement its existing North Pilbara mining model and further expand the company’s blending options.

As a result of further project scale geological mapping, additional drilling targets are also being identified along strike to the north and south of the first discovery holes.

Atlas is now working on the relevant approvals to enable drill testing of these prospects with a view to extending the potential of the entire project area.