Dynasty Metals Australia Limited Grant of New Iron Ore Tenements in Pilbara
29.06.2012 | ABN Newswire
Sydney, Australia - Dynasty Metals Australia Ltd (ASX:DMA) are pleased to announce the grant of two tenements E52/2640 and E52/2641 within the Pilbara Region, covering an area of over 160km2. These tenements are 60km west of Dynasty's Prairie Downs Project and Spearhole Deposit.The areas are in a similar geological setting to the Spearhole Project with potential to host channel iron deposits (CID) and detrital deposits which may be sourced from the adjacent outcropping Hamersley Basin (Fig 1).
There is also a possibility of buried iron formations from the Hamersley Basin present at depth with significant magnetic features in the regional magnetic (Fig 2).
Previous work had been restricted to gold, base metal and uranium exploration. Historical drilling had identified large paleo-channels but only limited assaying for iron was undertaken. Work will commence shortly on the field evaluation of the tenements with reconnaissance mapping and sampling, followed by geophysics and if warranted drilling.
About Dynasty Metals Australia Limited:
Dynasty Metals Australia Ltd (ASX:DMA) is an emerging Australian iron ore exploration company focused on developing its 100%-owned tenements at Prairie Downs in Western Australia's Pilbara region.
In March 2010, Dynasty announced initial JORC-Compliant Inferred Resources of 453 million tonnes of Detrital Channel Iron and 23.3 million tonnes of Marra Mamba Iron Formation.
The 2010 exploration programs are underway and are aimed at further testing and significantly expanding the current resources, as well drilling a large iron-rich basal conglomerate for the first time. The exploration target is more than 1 billion tonnes of iron.
During 2010, Dynasty plans to commence detailed commercial investigations that will cover preliminary mine planning, beneficiation process design, mining and processing costs, transport infrastructure, capital costs, environment and native title clearances, and government approvals. A pre-feasibility study is anticipated to commence in late 2010.
Contact:
Dynasty Metals Australia Limited
T: +61-8-9426-8999
F: +61-8-9426-8900
www.dynastymetals.com.au