THE BOURSE WHISPERER: Trafford Resources has commenced exploration activities at the company’s Twin Peaks iron ore project, which covers over 20 kilometres of, what the company considers to be, a highly prospective, north-south striking, Banded Iron Formation (BIF) belt approximately 200km northeast of Geraldton in Western Australia.
Trafford may earn up to 80 per cent of the iron ore rights in both the Twin Peaks and Moorarie projects through milestone exploration expenditure.
Trafford has moved into a fairly respectable neighbourhood with BIF units at Twin Peaks being of a similar nature to others throughout the Mid-West that contain iron ore deposits such as Jack Hills, Weld Range and Tallering Peaks.
Midwest iron ore projects and Trafford/Independence JV tenements. Source: Company announcement
The company has completed initial studies on previously collected geophysical data, which the company said identified potential for large hematite and magnetite deposits.
No drilling for iron ore has previously been undertaken on the Twin Peaks tenements.
Initial interpretation of detailed aeromagnetic data has enabled Trafford to delineate two prominent magnetic anomalies: M1 measuring 4000 metres by 500 metres; and M2 measuring 5000 m by 1200m.
These are located in the north western part of the Twin Peaks BIF.
“These two large target areas will be investigated for open cut DSO hematite and magnetite deposits,” Trafford Resources said in its ASX announcement.
Interpretation of gravity data has resulted in Trafford delineating three priority target areas it considers to represent significant gravity responses in areas of cover which do not coincide with prominent magnetic anomalies.
“It is interpreted that they are likely to represent accumulations of hematite or Channel Iron Deposits,” the company said.
Two gravity targets represent short strike length of gravity responses coincident with magnetic responses and sporadic outcropping hematite mineralisation, while a third at the Woolbung Well prospect returned 67.7 per cent iron.
“Here, massive outcropping Direct Shipping Ore hematite lenses have developed within a fold closure and attendant limbs of a steeply plunging synclinal structure,” Trafford said.
“Other gravity and magnetic anomalies along strike of Woolbung Well are concealed by shallow cover.”
The company will rate all the iron ore targets in order of priority prior to commencing first pass drill testing.
The highest priority targets will be drilled in the second half of 2012 subject to Government statutory approvals and the availability of suitable drill rigs.