Positive drilling results at Splinter

28 January 2007 | 06:47 Code : 12578 Geoscience events
The project, which comprises four granted Exploration Licences covering...

  Emerging precious and base metals explorer, Azure Minerals Ltd has announced positive assay results from the company's 100%-owned Splinter project , located approximately 120km northeast of the port of Esperance, Western Australia.

The project, which comprises four granted Exploration Licences covering 840sqkm, has been a focus of the company since it listed in 2003 due to its prospectivity for iron ore (magnetite-style) deposits and iron oxide copper-gold deposits. The Reverse Circulation (RC) drilling program at Splinter was completed in December 2006.Wide zones of high grade magnetite mineralisation were intersected in the Northern Hinge Zone. Better intercepts included 24m at 30.8% iron and 50m at 22.6% iron Average iron grades are 30% to 100% greater than previous drilling, and high grades start at only 8m below surface.Managing Director, Tony Rovira, said that despite the company's growing focus on its Mexican projects, Splinter continued to show a lot of promise. “We continue to believe that Splinter has excellent potential for hosting large scale, magnetite-style, iron ore deposits and we're encouraged that today's results support this view,” said Mr Rovira. “Splinter is a very promising project, and today's results compare favourably with other Western Australian magnetite deposits, such as the Southdown Magnetite Project of Grange Resources Ltd,” he said. Mr Rovira went on to say that in light of the company's focus on advancing its exploration projects in Mexico and driving shareholder value, Azure Minerals is currently reviewing its options for the Splinter project.

tags: QAZVIN

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