Black Iron has announced further assay results from its definition and exploration (DE) diamond drilling campaign conducted at the Shymanivske iron ore project situated in Ukraine.
Intersections of thick iron band and results of the infill drill program, in every hole grading up to 35% total iron, continue to encourage the company. Black Iron encountered 35.1% iron over 46.5 m and 24.4% iron over 20.0 m in hole BISH-72.
The company had drilled two holes, BISH-71 and BISH-72, as part of a 12,000 m DE campaign carried out between July and December last year. This drilling campaign will result in a part of the resource, which was formerly sorted as inferred that is moving to the indicated and measured category in the NI 43-101 compliant resource calculation report. The company may complete this report by the end of Q3, 2012.
GeoResources, based in Ukraine, performed the drilling campaign, under the guidance of Griffis, McOuat, and Watts, Canada-based consulting geologists and engineers. Independent metallurgical test work was completed on the recovered drill core by Ukraine-based Research Institute of Mineral Processing in Ferrous Metals (Mekhanobrchermet).
Further permissions are essential to carry out drilling; hence at present, the company is not drilling at the Shymanisvke iron ore project. The feasibility study does not need additional drilling, which will be carried out in the future in order to possibly increase the pit resource calculation.
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