IronOne has begun the diamond drilling program at its Maguse River iron project. Two drill rigs are being used in this program. The location of this project is about 60 km to the north of the Arviat coastal town, southern Nunavut.
At present, the company is employing a C$4.3 million exploration campaign that will contain the completion of diamond drilling of around 6,000 m. This drilling explores the prioritized magnetic targets along the strike length of 18 km of potential stratigraphy, which was discovered through an 8,044 line km aerial magnetometer survey that was of high resolution and completed by IronOne in June 2011. The focus of the primary drilling is on the east part of the property, where the thick magnetic anomalies are available and are considered to possess the most excellent potential for a huge deposit discovery.
IronOne has completed 2,448 m drilling, totaling seven holes, at the project. It is anticipating the initial assay results in September.
The CEO and President of IronOne, has stated that the company is excited to commence the drilling program at the Maguse River iron project. The exploration group has worked hard to develop this project to a drill phase in a short time and the company is expecting positive results.
This project includes some prospecting permits of 1,844 sq. km, which covers almost 200 km strike length of magnetite-rich, folded, metasedimentary rocks of Rankin-Ennadai Greenstone Belt.
The location of the project’s eastern border is 15 km from the tide water at the west coastline of Hudson Bay and 300 km by sea through the North American rail network at the Churchill port in Manitoba. Therefore, the project site provides better infrastructure prospective in relation to many identical distant Canadian projects.
In 2011, IronOne is conducting a C$4.3 million exploration campaign at the project in order to discover Algoma-type iron ore deposits. It considers that the project has iron ore potential at the exclusive new iron ore district in North Canada.