Ironclad commences resource extension and exploration program

IronClad Mining Ltd’s exploration team has recommenced drilling activities at....

  IronClad Mining Ltd’s exploration team has recommenced drilling activities at the Wilcherry iron ore project.Two reverse circulation rigs (RC) are operating with a new, larger RC rig from Grimwood Davies scheduled to be at site from late January to assist in accelerating drilling progress.This work is part of a pre-feasibility study to assess the development options for an iron ore mining and export operation based on the resources within the Wilcherry Hill tenements which cover approximately 1,000sqkm in the prospective northern Eyre Peninsula region of South Australia’s Gawler Craton.Drilling activities during January will focus on resource extension drilling at Ultima Dam East testing for both shallow hematite mineralization and additional Wilcherry style coarse grained magnetite. The program will test magnetic targets to the south of the existing resources which are associated with magnetic highs. This targeting methodology has proved successful to date having outlined hematite and magnetite mineralization over an additional strike of approximately 600m south of the Maprock resource estimate.From late January testing of the exciting Numancia prospect will commence. Numancia lies approximately 15km east of the Ultima Dam East resource shares many geological and geochemical similarities with Middleback Range iron ore deposits, approximately 70km to the south east. The Middleback Ranges hematite and magnetite deposits have been mined for more than 100 years and currently produce approximately 6.4 million tonnes per year of high grade iron ore products.In parallel with the drilling program metallurgical testwork is scheduled to commence shortly on the shallow hematite and goethite mineralization at Ultima Dam East where drilling by IronClad in late 2007 intersected potential direct shipping ore (DSO) grading 59.5% Fe (62 – 63% Fe calcined) over 17m. The testwork will be directed at identifying the optimum process route to up-grade additional lower grade mineralisation for blending with DSO grade material.Further assessment work will also be undertaken at the Hercules prospect during the first quarter of 2008 with initial drill testing scheduled for the second quarter of 2008 once preliminary field work and necessary approvals are in place.