Trafford Resources identifies new hematite prospect at Twin Peaks

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THE DRILL SERGEANT: Trafford Resources (TRF: ASX) has received all results for a recently-completed maiden drilling program at the company’s Twin Peaks project, located in the Murchison Region of, Western Australia.

The Twin Peaks project is a Joint Venture between Trafford and Independence Group (ASX: IGO), in which Trafford may earn up to an 80 per cent equity in the iron ore rights by expending $5 million over five years.

 

Location of Twin Peaks project areas. Source: Company announcement

 

The latest results have returned further high-grade Direct Shipping Ore (DSO) hematite intersections from the Woolbung Peak prospect, where continuous DSO hematite has been proven from surface to a depth of 145 metres.

“All DSO intersections contain very low impurities and indicate a deposit capable of producing a premium product,” Trafford Resources aid in its ASX announcement.

“The style of mineralisation and continuous nature of the DSO hematite intersected at Woolbung Peak is similar to Mt Gibson’s Tallering Peak operation located just 60 kilometres south of Twin Peaks.”

Recently received assays from Woolbung Peak returned impressive hematite intersections including:

–    22 metres at 65.35 per cent iron from 62 metres, including 6 metres at 68.2 per cent iron;

–     10m at 50.67 per cent iron from 80m and 3m at 64.85 per cent iron from 100m; and

–    6m at 55.11 per cent iron from 58m and 2m at 56 per cent iron from 118m.

Trafford said iron was intersected at all other prospects to be drilled within the larger Twin Peaks project area.

The company considers the drilling to have demonstrated a variety of iron ore occurrences and styles, including the high-grade DSO hematite, to be capable of supporting a low strip ratio, open cut mine at Woolbung Peak.

“The CID prospects also indicate the potential for shallow, low cost, open cut extraction,” Trafford said.

Additional open cut potential also exists at the prospects where limonite and magnetite ores were intersected.”

The completed drilling program consisted of 52 Reverse Circulation (RC) drill holes for 5076m and tested nine of 15 iron ore prospects Trafford has identified within the Twin Peaks project area.

Other results from the Big Lunch and Pleiades prospects included:

–    18m at 47.2 per cent iron from 5m, including 5m at 51.05 per cent;

–     24m at 49.72 per cent iron from 12m, including 16m at 54.51 per cent iron;

–     21m at 44.78 per cent iron from 123m; and

–    47m at 35.24 per cent magnetite iron from 72m, including 6m at 43.79 per cent iron.

Most of the prospect target areas drilled in the first pass program remain open in most directions.

Trafford indicated all iron ore prospects at Twin Peaks will now be priority rated and further drill tested, once all statutory approvals have been obtained.