Mayan acquires prospective iron ore tenements

THE BOURSE WHISPERER: Perth-based exploration play Mayan lron Corporation has acquired a granted exploration licence and the right to apply for another exploration licence comprising the Gidgee project in the emerging Mid West iron ore province of Western Australia.

The two acquired tenements cover approximately 225 square kilometres of the Gum Creek Greenstone Belt and are located 850 kilometres north-northeast of Perth and 90km southwest of Wiluna.

Mayan lron Corporation purchased a 100% interest in the Gidgee tenements for a cash payment of S75,000.

In its announcement to the Australian Securities exchange Mayan said exploration will soon begin on the granted tenement in the form of mapping and rock chip sampling.

Activity will commence on the second tenement once it is granted with the company’s objective being to design targets for future drilling programs.

Previous historical work carried out on the Gidgee tenements was concentrated on gold exploration.

The exploration potential for iron mineralisation has never been tested, despite the presence of surface iron oxide outcrop.

Mayan Iron said the Gidgee tenements contain similar magnetic signatures to the already discovered iron ore deposits in the region pointing to the exploration success that has been achieved in the region by Golden West Resources at its Wiluna West iron ore project and Newmex Resources at both its lron Well and Woodley deposits, which has occurred within similar prospective BIF units.

Access to the Gidgee tenements is by sealed road from Meekatharra, 120km to the northwest or from Sandstone, 140km to the south and then via station tracks.

Rail infrastructure in the form of an abandoned railway easement runs from Wiluna to Mullewa where the current operating railway line from Mullewa to Geraldton is located.

The Department of Minerals and Energy has recommended the outstanding exploration licence application for granting.