Black Iron announced that it has received additional assay results from its recently completed confirmation drill program at its Shymanivske project in the Ukraine, consisting of iron grades of over 30%. Further results from the confirmation and metallurgical diamond drill program included 88.9 meters, grading 32.2% iron, and 23.9 meters of 31.2% iron, in twin hole 12009-T.
Twin or confirmation hole 20287-T, also returned 78.2 meters grading 30.9% iron, and 31.1% iron over 34.9 meters. The results include thick iron bands in each hole and continue with the property's trend of intercepting grades of more than 30%.
Mr George Mover COO of Black Iron said that "The results from the twin hole program to date validate the historical work completed on Shymanivske. We are very pleased the assay results align well with the historical drilling, both in terms of iron grade and band length."
The company started the twin hole program in April 2011, which was designed to provide drill core suitable for metallurgical test work, in order to establish an optimized process flow sheet for the ongoing scoping study at the project, as well as to confirm previous drilling work.
The Shymanivske project, located in Krivoy Rog, Ukraine, contains an NI 43-101 compliant resource of 345 million tonnes of measured and indicated resources grading 32% iron and 469 million tonnes of inferred resources grading 31% iron.
The project is surrounded by five other operating mines, including ArcelorMittal's iron ore complex. Existing infrastructure in the area, including access to power, rail and port facilities, is expected to allow for a quick development timeline to production for the property. The company also holds an exploration permit for the adjacent Zelenivske project, which it intends to further explore to determine its potential.
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