Coziron updates drilling results from W. Sumatra iron project
Thursday, February 15 2007 - 07:09 AM WIB
Drilling has confirmed a layered magnetite ore body at near surface, and within a weathered sequence of clays and quarternary volcanics, predominantly andesitic tuffs, the company said in statement.
Mineralisation has been extended along strike and at depth at the project. A total of 20 holes for 1,320 m have been completed to vertical depths of up to 80 meters.
These results are a significant step in defining a potential small to medium sized high grade magnetite deposit and is in line with the company?s goal to bring the project to production as soon as practical to enable early cash flow, the company added.
According to the company, before further drill holes are proposed, a complete assessment of current drilling will be undertaken and will include preliminary Davis Tube Recovery (DTR) test work to indicate weight recoveries and concentrate grade.
Meanwhile, an application for a mining license was recently submitted following the completion of the environmental impact report. The mining license is expected to be granted in the next two weeks and will afford the company the opportunity to commence any future mining operations following economic and technical evaluations. (denny)